Gaurav Garg has been doing the same job for 25 years

Gaurav Garg says his investing style has not changed since he left Sequoia Capital. Everything around it has. The categories he backed in the early 2000s no longer exist as venture businesses. The firm he helped make famous grew into something he could not work inside. The number of people calling themselves venture capitalists has multiplied to a point he finds faintly absurd. On the CEO.com Podcast, recorded December 1, 2022, he described all of that with the detachment of someone who has watched three cycles come and go and expects to see a fourth.

The job, as he understands it, is to sit with a founder for eight or 10 years and watch two people become a thousand. "I've had the privilege of doing that, I don't know, half a dozen times, and it's really fun to be part of the journey," Garg told the CEO.com Podcast. "It's also really fun to watch people grow up. Forty-five-year-old founders, when the company goes public at age 55, are not the same human that they were 10 years earlier. And that is true of the 28-year-old founder or the 45-year-old founder."

He learned this from the founder's side first. Garg came to the United States from India in 1984, studied electrical engineering and computer science at Washington University in St. Louis, and moved to the Bay Area in 1990 to work as a system architect at SynOptics. He spent six years there generating ideas the company did not have room for. He interviewed at a few startups. Two of them rescinded their offers and told him the same thing: with that many ideas of his own, he should go start a company.

In 1996 he did. Redback Networks made a piece of networking equipment that Garg's team believed the coming shift to broadband would require and that nobody else seemed to think was necessary. A friend who had just made partner at Sequoia walked him into the building, and the firm seeded Redback with $200,000. Four months later there was a $5 million Series A. "From the day that we raised the Series A to four years later, the company's revenue run rate was $500 million," Garg said. Redback went public in 1999. Its market cap touched $30 billion. It stayed public until 2007 and was eventually acquired by Ericsson.

By then, Garg had a hundred people reporting to him and was spending his days in rooms of 25, with customers, with his teams, with Wall Street. He was exhausted, and he was bored. The Sequoia partners he had worked with for four years made him an open-ended offer. Come over. Start companies, incubate companies, maybe become an investor. Let's see.

He stayed more than a decade. He counts 11 companies in that time, some founded, some incubated, some simply backed early. Five went public. Four went out of business. He founded Ruckus Wireless in 2002 and helped take it public 10 years later. He incubated FireEye and Jasper and sat on their boards for more than a decade each. When he finally left the firm in 2012, he stayed on its boards for another six years.

What made that version of Sequoia work, in his telling, was the room. More than half the partners were immigrants who had arrived with nothing. Five or six had founded companies and taken them public. There were engineers and salespeople and a finance person and a former journalist in Michael Moritz. Don Valentine's office was next to his. Everybody worked 50, 60, 70 hours a week, and everybody was watching for the world to change, because a market that changes slowly belongs to the incumbents. "Rapid change favors the startup," Garg said. On top of that sat a discipline about margins, which he illustrated with a shrug at the semiconductor business: selling chips to Apple is big, but unless you are TSMC, you will struggle. And on top of that, a tolerance for failure that he does not see much anymore. A quarter of the companies died. About a third went public.

"If you have that culture of risk and a little bit of boldness and willingness to look around two corners, you are going to be the investors in the transformative companies," he said. "And they don't look like that at the beginning. You think all of these babies are great, and some of them turn out to be, and some not. But it's just embracing that risk, and I think a lot of investing is follower mentality."

The same culture that produced those returns produced growth, and the growth pushed him out. During his time there, Sequoia's headcount grew tenfold, the partnership grew sixfold, and the firm went from one fund and a bit to nine. "My style of working, which is informal, super early stage, just didn't work in the whole machine," he said. There is no bitterness in how he tells it. He describes the relationship as wonderful and the departure as a fact about scale.

He and Peter Wagner, who had spent 15 years at Accel and had first met Garg as an investor in Redback, launched Wing in 2013 with a $111 million first fund and a stated intention to build a concentrated portfolio of business technology companies in cloud, mobile, and data. A year later, the Technology Fast 500 named Garg Silicon Valley Venture Capitalist of the Year.

Asked whether his thesis changed with the new firm, he said no, and then explained why it looks different anyway. In 2002, Sequoia was funding systems companies and semiconductor companies. Cloud infrastructure erased those as venture categories and pushed every investor further up the stack. Wing only does B2B. It asks what will matter in 10 years, because a company takes five to seven years to mature, and in December 2022 Garg's answers were AI built on proprietary data, the internet's continued flattening of distribution, and a set of ownership ideas he refuses to file under crypto. Bio and health are 20 to 25 percent of the portfolio. He thinks medicine is where AI will eventually matter most. He also thinks the metaverse question is really about what replaces the phone, and that applications for any new hardware show up years after the hardware does. "Who would've thought of Uber before the iPhone?"

He was recorded a month after the Twitter layoffs and a few weeks after FTX collapsed, and he had opinions on both climates. On the industry that has grown up around him: "Probably an unpopular thing to say, but the perception of money and power attracts a lot of mercenaries, and it's just the nature of things. I think, as the tide goes out, like it looks like it might, in the next couple of years, a lot of people will disappear." He added, in nearly the same breath, that it is correct that there is far more capital now than 20 years ago, because every company in every industry is being forced to become a technology company or die.

On the question of how hard founders should work, which Elon Musk had turned into a public referendum that fell, he declined to treat it as a question. "I don't think of this as work," he said. "Post Redback, my company, this has been about some immigrant masochism about charging to help, against insurmountable odds, and I just enjoy that." A founder's relationship to a company is a parent's relationship to a child, he said, and the commitment is emotional rather than intellectual. He cares about every company he is involved with, "perhaps to a fault," and founders do not always enjoy that in the moment.

His advice for the downturn was two sentences long. Raise money now. Don't let the crisis go to waste. A decade of cheap capital, he said, had given companies the luxury of being lazy and inefficient, and a recession is a filter: the customers who buy when budgets are tight are the ones who actually need you. Over-index that signal. He would not forecast 2023 beyond guessing it would be a little tougher than 2022, and he pointed out that the economists paid to forecast it would all disagree with each other.

Every episode of the CEO.com Podcast ends on the same question, built on the idea that the chances one gives are just as important as the chances one takes. Garg listed his. Ron Schmidt, the founder of SynOptics, who was 17 layers above him and took an interest anyway. Pierre Lamond, Redback's chairman, whom he called absolutely transformative. Moritz, Doug Leone, Roelof Botha. Valentine, in the office next door. And the founders who let an untested investor onto their boards in 2001 and let him stay.

"Luck is what you do with it, a little bit," he said. Then he went back to the beginning, to why he still does the early-stage work that nearly every peer of his generation has moved on from. Watching a founder change over 10 years, he said, "in itself, is a drug."

00:00:10 How Gaurav Garg Got Into Tech
00:01:29 Founding Redback Networks and Meeting Sequoia
00:03:39 Becoming a Venture Partner at Sequoia
00:05:40 What Made Sequoia's Golden Era Special
00:09:22 The Importance of Hours and Founder Commitment
00:13:03 The Growth and Evolution of Venture Capital
00:19:39 Wing's Investment Thesis for the Future
00:24:27 Crypto, NFTs, and the Hype Cycle
00:27:27 Zuckerberg's Metaverse Bet and What Comes Next
00:29:37 Advice for Founders Heading Into 2023
00:32:32 The Future of Silicon Valley as a Hub
00:35:11 Hybrid Work and the Future of Offices
00:38:04 Economic Outlook for 2023
00:39:32 Reflecting on Who Gave Him a Chance

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Wow.

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Right?

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And<00:03:48.743> I<00:03:48.759> did<00:03:48.984> exactly<00:03:49.564> what<00:03:49.789> we<00:03:49.886> had<00:03:50.127> talked<00:03:50.433> about.

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I<00:03:50.948> started,<00:03:51.657> uh,<00:03:52.704> I<00:03:52.768> can't<00:03:53.009> even<00:03:53.171> remember,<00:03:53.573> 2<00:03:53.654> or<00:03:53.766> 3<00:03:53.960> companies.

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I<00:03:54.640> incubated<00:03:55.143> 2<00:03:55.272> or<00:03:55.369> 3<00:03:55.596> companies.

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But<00:03:57.379> the<00:03:57.444> whole<00:03:57.703> idea<00:03:58.027> was<00:03:58.206> that<00:03:58.351> I<00:03:58.432> would<00:03:59.178> really<00:03:59.502> be<00:03:59.680> deeply<00:04:00.069> engaged<00:04:00.555> in<00:04:00.701> everything<00:04:01.042> I<00:04:01.204> did.

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So<00:04:02.514> in<00:04:02.741> the<00:04:03.581> 10<00:04:03.743> years<00:04:04.115> I<00:04:04.131> was<00:04:04.293> there,<00:04:04.616> I<00:04:04.697> did<00:04:04.939> 11<00:04:05.246> companies<00:04:05.909> total.

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Oh,<00:04:07.488> wow.

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And<00:04:09.905> 5<00:04:10.083> of<00:04:10.229> them<00:04:10.391> went<00:04:10.570> public<00:04:10.975> and<00:04:11.073> 4<00:04:11.300> went<00:04:11.527> out<00:04:11.640> of<00:04:11.786> business.

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It<00:04:12.516> was<00:04:12.678> kind<00:04:12.857> of—.

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Hey,<00:04:14.300> that's<00:04:14.559> a<00:04:14.689> great<00:04:14.932> rate.

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That's<00:04:16.004> a<00:04:16.085> great<00:04:16.327> rate.

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Exactly.

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That's<00:04:17.460> actually<00:04:17.703> incredible.

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I<00:04:19.143> had<00:04:19.321> a<00:04:19.402> lot<00:04:19.580> of<00:04:19.645> fun<00:04:20.761> and<00:04:20.923> it's<00:04:21.101> an<00:04:21.182> amazing<00:04:21.894> place.

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I<00:04:22.331> learned<00:04:22.800> a<00:04:22.865> lot.

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But<00:04:24.674> in<00:04:25.092> the<00:04:25.326> period<00:04:25.845> that<00:04:25.995> I<00:04:26.163> was<00:04:26.430> there,<00:04:29.850> headcount<00:04:30.297> at<00:04:30.380> Sequoia<00:04:30.794> grew<00:04:30.960> 10x.

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And<00:04:32.755> the<00:04:32.836> number<00:04:33.158> of<00:04:33.335> partners<00:04:33.963> grew<00:04:34.124> 6x.

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And<00:04:35.654> the<00:04:35.734> number<00:04:36.056> of<00:04:36.217> products<00:04:36.765> went<00:04:36.942> from<00:04:37.184> 1.25<00:04:38.134> to<00:04:38.230> 9.

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And<00:04:40.243> my<00:04:40.485> style<00:04:40.887> of<00:04:40.968> working,<00:04:41.515> which<00:04:41.580> is<00:04:41.716> informal,<00:04:44.280> super<00:04:44.559> early<00:04:44.871> stage,<00:04:45.611> just<00:04:46.202> kind<00:04:46.432> of<00:04:46.679> didn't<00:04:46.942> work<00:04:47.287> in<00:04:47.353> the<00:04:47.419> whole<00:04:47.665> machine.

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So,<00:04:50.050> I<00:04:50.115> ended<00:04:50.276> up<00:04:50.437> leaving.

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I<00:04:51.082> stayed<00:04:51.404> on<00:04:51.485> all<00:04:51.630> the<00:04:51.791> boards<00:04:52.194> for<00:04:52.452> them.

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All<00:04:53.161> these<00:04:53.339> companies<00:04:53.742> went<00:04:53.903> public.

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I<00:04:55.112> was<00:04:55.257> actually<00:04:55.596> on<00:04:55.741> boards<00:04:55.999> for<00:04:56.079> Sequoia<00:04:56.466> for<00:04:56.563> 6<00:04:56.869> years<00:04:57.111> after<00:04:57.353> I<00:04:57.385> left.

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Oh,<00:04:59.179> that's<00:04:59.406> great.

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And,<00:05:00.870> you<00:05:00.967> know,<00:05:01.130> it's<00:05:01.374> been<00:05:01.536> a<00:05:01.618> wonderful<00:05:01.975> relationship.

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So<00:05:04.387> anyway,<00:05:04.808> that's<00:05:05.115> how<00:05:06.829> pre-Wing<00:05:08.025> was<00:05:08.122> kind<00:05:08.300> of<00:05:08.446> my<00:05:08.591> history.

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Yeah.

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What<00:05:10.531> do<00:05:10.628> you<00:05:10.725> make<00:05:11.016> like,<00:05:11.113> because<00:05:11.420> you<00:05:11.517> were<00:05:11.679> at<00:05:11.760> Sequoia,<00:05:12.391> what<00:05:12.956> I<00:05:13.118> would<00:05:13.215> consider<00:05:13.603> kind<00:05:13.781> of<00:05:13.830> the<00:05:13.927> golden<00:05:14.495> era<00:05:15.468> of<00:05:15.647> that<00:05:16.458> firm<00:05:17.188> in<00:05:17.286> some<00:05:17.513> respects,<00:05:18.146> like<00:05:18.811> it<00:05:19.038> really<00:05:19.541> became<00:05:20.012> legendary<00:05:20.823> while<00:05:21.083> you<00:05:21.229> were<00:05:21.407> there.

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And<00:05:23.532> what<00:05:24.036> do<00:05:24.101> you<00:05:24.199> make<00:05:24.524> of<00:05:24.654> that?

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How<00:05:25.076> do<00:05:25.125> you<00:05:25.304> think<00:05:25.483> that<00:05:25.726> happened?

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Was<00:05:26.523> that<00:05:26.685> just<00:05:26.864> like<00:05:27.173> right<00:05:27.352> place,<00:05:27.742> right<00:05:27.807> time?

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Was<00:05:29.327> that<00:05:30.219> something<00:05:30.624> to<00:05:30.786> do<00:05:31.030> with<00:05:31.743> you<00:05:31.921> and<00:05:32.002> the<00:05:32.148> other<00:05:32.391> partners?

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Like,<00:05:33.218> how<00:05:33.380> did<00:05:33.526> that<00:05:33.705> happen?

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Well,<00:05:41.210> there's<00:05:41.371> a<00:05:41.516> lot<00:05:41.774> of<00:05:41.935> things<00:05:43.789> that<00:05:44.015> go<00:05:44.193> into<00:05:44.515> it.

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You<00:05:48.501> know,<00:05:48.582> there's<00:05:48.712> a<00:05:48.744> lot<00:05:48.972> of<00:05:49.069> talk<00:05:49.313> about<00:05:49.605> diversity,<00:05:51.164> but<00:05:51.326> at<00:05:51.472> that<00:05:51.797> time,<00:05:52.609> more<00:05:52.804> than<00:05:53.015> half<00:05:53.275> the<00:05:53.502> partnership<00:05:54.022> at<00:05:54.151> Sequoia<00:05:54.574> were<00:05:54.752> immigrants.

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And<00:05:58.786> like<00:05:59.107> actual<00:05:59.428> immigrants<00:05:59.845> were<00:05:59.990> not<00:06:00.230> born<00:06:00.471> in<00:06:00.568> this<00:06:00.712> country.

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And<00:06:02.799> we—<00:06:04.340> you<00:06:04.645> have<00:06:05.046> a<00:06:05.238> certain—<00:06:05.945> and<00:06:06.587> pretty<00:06:06.811> much<00:06:06.988> everybody<00:06:07.454> came<00:06:07.710> here<00:06:07.807> with<00:06:08.015> almost<00:06:08.272> nothing.

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So<00:06:10.824> you<00:06:10.905> have<00:06:11.145> a<00:06:11.161> certain<00:06:11.563> drive<00:06:12.028> and<00:06:12.124> a<00:06:12.189> hunger.

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And<00:06:14.195> almost<00:06:14.612> everybody<00:06:14.998> in<00:06:15.094> the<00:06:15.254> building<00:06:16.619> had<00:06:18.224> accomplished<00:06:18.866> something.

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There<00:06:20.070> were<00:06:20.295> 5,<00:06:20.696> 6<00:06:20.937> real<00:06:21.177> founders<00:06:21.819> who<00:06:21.900> had<00:06:22.076> taken<00:06:22.381> companies<00:06:22.799> public<00:06:23.344> or<00:06:23.922> done<00:06:24.163> something<00:06:24.485> substantial<00:06:25.674> around<00:06:25.931> the<00:06:26.075> table<00:06:26.348> of<00:06:26.493> 9<00:06:26.734> or<00:06:26.830> 10.

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There<00:06:29.224> were<00:06:29.947> people<00:06:30.413> with<00:06:31.233> sales<00:06:31.618> background,<00:06:32.261> finance<00:06:32.759> background.

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There<00:06:33.370> was<00:06:33.466> a<00:06:33.547> journalist<00:06:34.514> like<00:06:34.691> Moritz.

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Yeah,<00:06:35.578> there<00:06:35.884> were<00:06:36.062> people<00:06:36.368> who<00:06:36.465> were<00:06:36.626> engineers,<00:06:37.271> there<00:06:37.351> were<00:06:37.497> people<00:06:37.754> that<00:06:37.900> were<00:06:37.996> product<00:06:38.319> managers,<00:06:40.330> uh,<00:06:41.474> um,<00:06:42.940> there<00:06:43.037> was<00:06:43.182> a<00:06:43.327> pure<00:06:43.568> marketeer<00:06:44.213> in<00:06:44.310> Mark<00:06:44.535> Kwame.

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So<00:06:47.613> we<00:06:47.694> had<00:06:47.919> former<00:06:48.258> CEOs<00:06:49.896> Uh,<00:06:50.313> we<00:06:50.410> had<00:06:50.490> semiconductor<00:06:51.116> people<00:06:51.437> who<00:06:51.582> are<00:06:51.678> really<00:06:51.999> hardcore,<00:06:53.284> right?

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And<00:06:53.605> Don<00:06:53.846> Valentine<00:06:54.344> and<00:06:54.488> Pierre.

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So<00:06:55.596> there<00:06:55.676> was<00:06:55.853> a<00:06:55.933> lot<00:06:56.318> of<00:06:56.479> diversity<00:06:57.057> of<00:06:57.121> thought,<00:06:58.197> of<00:06:58.358> expertise,<00:06:59.225> of<00:06:59.466> industries,<00:07:01.296> uh,<00:07:01.553> coupled<00:07:01.938> with<00:07:02.035> a<00:07:02.099> lot<00:07:02.275> of<00:07:02.356> hunger.

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Everyone<00:07:03.319> there<00:07:03.624> worked<00:07:04.186> 50,<00:07:04.459> 60,<00:07:04.925> 70<00:07:05.262> hours<00:07:05.487> a<00:07:05.567> week,<00:07:07.157> and<00:07:07.671> everyone<00:07:08.120> was<00:07:08.522> really<00:07:08.859> alert<00:07:09.501> to<00:07:09.597> the<00:07:09.742> way<00:07:09.902> the<00:07:10.047> world<00:07:10.288> was<00:07:10.464> changing.

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That's<00:07:11.267> part<00:07:11.572> one.

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Part<00:07:12.873> two<00:07:13.098> is<00:07:13.917> there's<00:07:14.157> a<00:07:14.238> culture<00:07:15.427> well,<00:07:15.524> there<00:07:15.750> was,<00:07:16.155> you<00:07:16.187> know,<00:07:16.252> I<00:07:16.316> haven't<00:07:16.640> been<00:07:16.818> there<00:07:17.044> in<00:07:17.141> a<00:07:17.222> decade<00:07:17.708> plus.

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There<00:07:19.988> was<00:07:20.134> a<00:07:20.215> culture<00:07:22.172> of<00:07:22.253> focusing<00:07:22.884> on<00:07:22.981> markets<00:07:23.531> that<00:07:23.693> were<00:07:23.790> substantial<00:07:24.969> and<00:07:25.066> were<00:07:25.227> changing<00:07:25.710> abruptly<00:07:27.306> because<00:07:27.628> rapid<00:07:28.047> change<00:07:28.837> favors<00:07:29.256> the<00:07:29.337> startup.

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If<00:07:30.239> something<00:07:30.626> changes<00:07:30.981> slowly,<00:07:31.432> big<00:07:31.593> companies<00:07:32.060> can<00:07:32.222> do<00:07:32.318> it.

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So<00:07:33.926> you<00:07:34.087> kind<00:07:34.408> of<00:07:34.649> looking<00:07:35.035> for<00:07:35.999> huge<00:07:36.400> changes<00:07:38.103> in<00:07:38.184> a<00:07:38.344> place<00:07:38.666> where<00:07:39.228> there<00:07:39.389> could<00:07:39.549> be<00:07:39.694> a<00:07:39.710> really<00:07:39.951> substantial<00:07:40.658> market,<00:07:41.156> could<00:07:41.301> be<00:07:41.397> an<00:07:41.477> untapped<00:07:41.959> need,<00:07:42.265> could<00:07:42.361> be<00:07:42.490> something<00:07:42.783> you<00:07:42.869> didn't<00:07:43.041> understand<00:07:43.559> before.

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Number<00:07:44.745> one.

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Number<00:07:45.728> two,<00:07:46.679> great<00:07:46.985> margin<00:07:47.307> structures.

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Selling<00:07:48.935> semiconductors<00:07:49.741> to<00:07:49.886> Apple<00:07:50.547> is<00:07:50.628> a<00:07:50.708> big<00:07:50.869> business,<00:07:51.756> but<00:07:51.853> it's<00:07:51.998> low<00:07:52.159> margin.

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Now,<00:07:53.906> if<00:07:53.987> you're<00:07:54.165> TSMC,<00:07:54.713> you<00:07:54.810> can<00:07:54.971> pull<00:07:55.133> it<00:07:55.278> off,<00:07:55.536> but<00:07:55.762> most<00:07:56.101> people<00:07:56.488> would<00:07:56.569> struggle.

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And<00:07:58.183> then<00:07:58.280> the<00:07:58.360> third<00:07:58.667> thing<00:07:58.909> is<00:08:00.700> the<00:08:00.781> nature<00:08:01.249> of<00:08:01.346> the<00:08:01.426> founder.

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Are<00:08:03.186> they<00:08:03.332> the<00:08:03.495> kind<00:08:03.820> that<00:08:03.983> can<00:08:04.145> take<00:08:04.324> a<00:08:04.406> lot<00:08:04.568> of<00:08:04.731> punches,<00:08:06.178> come<00:08:06.357> back<00:08:06.601> the<00:08:06.682> next<00:08:07.040> day<00:08:07.170> with<00:08:07.333> a<00:08:07.398> smile?

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Are<00:08:08.894> they<00:08:09.040> good<00:08:09.219> salespeople?

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Do<00:08:10.349> they<00:08:10.494> have<00:08:10.735> domain<00:08:11.058> expertise,<00:08:11.718> right?

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So<00:08:13.232> there's<00:08:13.409> this<00:08:13.618> long<00:08:13.876> checklist<00:08:14.375> you<00:08:14.504> have<00:08:14.698> in<00:08:14.826> the<00:08:14.987> head<00:08:15.245> and<00:08:17.419> in<00:08:17.484> your<00:08:17.645> consciousness.

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And<00:08:19.030> there<00:08:19.111> was<00:08:19.240> incredible<00:08:19.757> discipline<00:08:20.178> around<00:08:20.404> those.

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Not<00:08:21.536> that—<00:08:22.005> and<00:08:22.507> the<00:08:22.652> culture<00:08:22.992> of<00:08:23.137> taking<00:08:23.461> risk<00:08:24.448> to<00:08:24.528> the<00:08:24.674> point,<00:08:25.661> I<00:08:25.677> don't<00:08:25.855> know<00:08:25.903> what<00:08:26.049> the<00:08:26.146> number<00:08:26.469> was,<00:08:27.798> but<00:08:27.818> like<00:08:28.397> at<00:08:28.479> least<00:08:28.744> a<00:08:28.810> quarter<00:08:29.141> of<00:08:29.224> the<00:08:29.306> companies<00:08:30.133> went<00:08:30.365> out<00:08:30.480> of<00:08:30.613> business.

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But<00:08:32.859> then<00:08:33.284> 35%<00:08:33.790> or<00:08:34.247> whatever<00:08:34.590> were<00:08:34.738> going<00:08:34.983> public,<00:08:35.472> right?

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Again,<00:08:37.196> that's<00:08:37.456> an<00:08:37.586> incredible<00:08:38.189> number.

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Like,<00:08:39.718> nobody<00:08:40.125> puts<00:08:40.451> up<00:08:40.614> those<00:08:40.793> stats.

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That<00:08:41.981> is<00:08:42.225> unbelievable.

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So,<00:08:43.969> I<00:08:44.034> mean,<00:08:44.357> but<00:08:44.503> that's<00:08:44.826> the<00:08:44.923> point,<00:08:45.230> that<00:08:45.392> if<00:08:45.489> you<00:08:45.634> have<00:08:45.796> that<00:08:46.039> culture<00:08:46.443> of<00:08:46.540> risk<00:08:48.222> and<00:08:48.319> a<00:08:48.464> little<00:08:48.642> bit<00:08:48.788> of<00:08:48.950> boldness<00:08:50.324> and<00:08:50.486> willingness<00:08:50.906> to<00:08:51.052> look<00:08:51.230> around<00:08:51.553> two<00:08:51.715> corners,<00:08:52.507> you<00:08:52.669> are<00:08:52.766> going<00:08:53.073> to<00:08:53.170> be<00:08:53.300> the<00:08:53.332> investors<00:08:53.910> in<00:08:54.039> the<00:08:54.119> transformative<00:08:54.778> companies.

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And<00:08:55.822> they<00:08:55.902> don't<00:08:56.143> look<00:08:56.368> like<00:08:56.545> that<00:08:56.705> at<00:08:56.786> the<00:08:56.866> beginning,<00:08:57.268> right?

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You<00:09:00.722> think<00:09:01.027> all<00:09:01.268> of<00:09:01.364> these<00:09:01.605> babies<00:09:01.991> are<00:09:02.071> great,<00:09:02.746> and<00:09:02.810> some<00:09:02.987> of<00:09:03.100> them<00:09:03.281> turn<00:09:03.528> out<00:09:03.693> to<00:09:03.792> be<00:09:04.039> and<00:09:04.270> some<00:09:04.566> not.

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But<00:09:06.033> it's<00:09:06.325> just<00:09:06.681> embracing<00:09:07.231> that<00:09:07.458> risk.

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And<00:09:08.948> I<00:09:09.078> think<00:09:09.256> a<00:09:09.337> lot<00:09:09.661> of<00:09:10.616> investing<00:09:11.685> is<00:09:11.912> follower<00:09:12.317> mentality.

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To<00:09:13.517> have<00:09:13.695> the<00:09:13.841> courage<00:09:14.181> to<00:09:14.327> do<00:09:14.424> that,<00:09:15.478> then<00:09:15.624> you<00:09:15.964> reap<00:09:16.207> rewards.

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And<00:09:18.072> to<00:09:18.153> me,<00:09:18.947> that's<00:09:19.125> what<00:09:19.287> venture<00:09:19.530> capital<00:09:19.855> is<00:09:19.952> about.

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You<00:09:21.792> said<00:09:21.970> a<00:09:22.034> few<00:09:22.261> things<00:09:22.616> there<00:09:22.988> that<00:09:23.085> I<00:09:23.473> want<00:09:23.619> to<00:09:23.716> double-click<00:09:24.200> on<00:09:24.524> as<00:09:24.621> you<00:09:24.766> think<00:09:24.879> about<00:09:25.106> kind<00:09:25.267> of<00:09:25.332> the<00:09:25.429> future<00:09:26.787> of<00:09:27.029> Silicon<00:09:27.385> Valley,<00:09:27.692> the<00:09:27.838> future<00:09:28.161> of<00:09:28.242> tech,<00:09:28.581> the<00:09:28.662> future<00:09:28.985> of<00:09:29.066> investing,<00:09:29.777> and<00:09:30.424> kind<00:09:30.586> of<00:09:30.618> the<00:09:30.747> future<00:09:31.087> of<00:09:31.313> work.

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The<00:09:32.107> first<00:09:32.364> thing<00:09:32.508> you<00:09:32.540> said<00:09:32.781> there<00:09:32.941> that<00:09:33.070> I<00:09:33.102> thought<00:09:33.247> was<00:09:33.391> really<00:09:33.552> interesting<00:09:33.873> is<00:09:34.033> that<00:09:34.113> you<00:09:34.210> guys<00:09:34.435> were<00:09:34.515> working<00:09:34.916> 50,<00:09:35.253> 60,<00:09:35.655> 70<00:09:36.201> hours<00:09:36.473> a<00:09:36.602> week.

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That's<00:09:37.822> like<00:09:37.983> a<00:09:38.143> bit<00:09:38.239> of<00:09:38.304> become<00:09:38.625> a<00:09:38.705> big<00:09:39.171> kind<00:09:39.347> of<00:09:39.411> hot<00:09:39.684> topic<00:09:40.214> currently<00:09:40.632> in<00:09:40.712> today's<00:09:41.113> climate<00:09:42.157> with<00:09:42.382> like<00:09:42.622> Elon<00:09:43.987> laying<00:09:44.308> people<00:09:44.645> off<00:09:44.886> at<00:09:44.966> Twitter<00:09:45.753> and<00:09:45.930> like<00:09:46.588> saying<00:09:46.973> like,<00:09:47.214> hey,<00:09:47.599> we<00:09:47.712> need<00:09:47.856> to<00:09:48.001> be<00:09:48.097> hardcore<00:09:48.659> in<00:09:48.803> order<00:09:48.964> to<00:09:49.060> work<00:09:49.301> here.

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It's<00:09:49.783> kind<00:09:49.943> of<00:09:50.024> like<00:09:50.730> brought<00:09:51.147> this<00:09:52.592> to<00:09:52.737> the<00:09:52.833> forefront<00:09:53.395> of<00:09:53.539> like,<00:09:53.796> how<00:09:54.021> much<00:09:54.278> should<00:09:54.519> you<00:09:54.760> dedicate<00:09:56.205> if<00:09:56.349> you're<00:09:56.445> trying<00:09:56.766> to<00:09:56.911> build<00:09:57.168> something<00:09:57.633> great?

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Right.

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And<00:10:00.473> I'd<00:10:00.812> love<00:10:00.973> for<00:10:01.070> you<00:10:01.167> to<00:10:01.216> think,<00:10:01.765> to<00:10:02.266> talk<00:10:02.508> about<00:10:02.734> that<00:10:02.912> a<00:10:02.976> little<00:10:03.154> bit<00:10:03.461> on<00:10:03.623> like,<00:10:03.881> what<00:10:04.043> does<00:10:04.220> it<00:10:04.430> take?

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I<00:10:05.593> mean,<00:10:05.965> you've<00:10:06.143> gotta<00:10:06.385> put<00:10:06.546> in<00:10:06.611> the<00:10:06.773> hours,<00:10:07.031> you<00:10:07.112> gotta<00:10:07.273> put<00:10:07.451> in<00:10:07.516> the<00:10:07.677> work,<00:10:08.146> but<00:10:08.243> like,<00:10:08.550> why<00:10:08.889> is<00:10:09.034> that<00:10:09.180> so<00:10:09.373> important?

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I<00:10:10.180> think<00:10:10.342> that<00:10:10.664> part<00:10:10.906> is<00:10:11.068> getting<00:10:12.359> missed<00:10:12.924> in<00:10:13.005> the<00:10:13.150> current<00:10:13.408> conversation<00:10:14.312> is<00:10:14.602> why<00:10:14.941> that's<00:10:15.119> important.

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Well,<00:10:23.310> I<00:10:23.393> don't<00:10:23.575> think<00:10:23.824> of<00:10:23.973> this<00:10:24.155> as<00:10:24.388> work.

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I,<00:10:26.843> uh,<00:10:26.956> so<00:10:27.247> let<00:10:27.344> me<00:10:27.425> just<00:10:27.732> answer<00:10:28.072> the<00:10:28.234> personal<00:10:28.638> question<00:10:29.107> first.

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Um,<00:10:31.952> you<00:10:32.033> know,<00:10:33.003> post<00:10:34.440> Redback,<00:10:34.924> my<00:10:35.085> company,<00:10:36.456> um,<00:10:39.779> this<00:10:40.005> has<00:10:40.247> been<00:10:40.602> about<00:10:42.200> some<00:10:44.529> immigrant<00:10:45.031> masochism<00:10:45.920> about<00:10:46.551> charging<00:10:46.956> the<00:10:47.053> hill<00:10:48.735> against<00:10:49.479> insurmountable<00:10:50.287> odds.

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And<00:10:51.380> I<00:10:51.461> just<00:10:51.706> enjoy<00:10:52.032> that.

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I<00:10:52.929> mean,<00:10:53.418> why<00:10:53.581> am<00:10:53.728> I<00:10:53.826> doing<00:10:54.217> all<00:10:54.315> these<00:10:54.543> early<00:10:54.722> stage<00:10:55.049> companies?

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It's<00:10:56.108> really<00:10:56.434> hard,<00:10:57.892> but<00:10:58.037> I<00:10:58.375> really<00:10:58.617> enjoy<00:11:00.147> doing<00:11:00.388> this<00:11:00.694> for<00:11:00.871> 8,<00:11:01.032> 10<00:11:01.193> years<00:11:01.531> and<00:11:01.741> watching<00:11:02.884> the<00:11:03.045> institution<00:11:03.754> grow<00:11:04.027> from<00:11:04.317> 2<00:11:04.494> people<00:11:04.816> to<00:11:04.881> 1,000.

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And<00:11:06.105> I've<00:11:06.233> had<00:11:06.346> the<00:11:06.427> privilege<00:11:06.845> of<00:11:06.990> doing<00:11:07.200> that,<00:11:07.888> I<00:11:07.921> don't<00:11:08.118> know,<00:11:08.364> half<00:11:08.561> a<00:11:08.626> dozen<00:11:08.872> times.

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And,<00:11:11.854> uh,<00:11:13.832> it's<00:11:13.978> really<00:11:14.302> fun<00:11:14.691> to<00:11:14.788> be<00:11:14.950> part<00:11:15.112> of<00:11:15.145> the<00:11:15.258> journey.

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It's<00:11:16.312> also<00:11:17.317> really<00:11:17.494> fun<00:11:17.818> to<00:11:17.979> watch<00:11:18.222> people<00:11:18.545> grow<00:11:18.788> up.

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I<00:11:20.728> can<00:11:20.890> reflect<00:11:21.294> on<00:11:21.375> that<00:11:21.601> myself.

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But<00:11:23.862> 45-year-old<00:11:24.686> founders,<00:11:26.382> when<00:11:26.478> the<00:11:26.608> company<00:11:26.947> goes<00:11:27.189> public<00:11:27.593> at<00:11:27.738> age<00:11:27.916> 55,<00:11:29.127> they<00:11:29.273> are<00:11:29.305> not<00:11:29.677> the<00:11:29.757> same<00:11:30.080> human<00:11:30.646> that<00:11:30.807> they<00:11:30.969> were<00:11:31.858> 10<00:11:32.280> years<00:11:32.442> earlier.

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And<00:11:33.820> that<00:11:33.983> is<00:11:34.145> true<00:11:34.372> of<00:11:34.469> the<00:11:34.615> 28-year-old<00:11:35.345> founder<00:11:35.848> or<00:11:35.929> the<00:11:36.010> 45-year-old<00:11:36.756> founder.

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And<00:11:39.096> that<00:11:39.325> is<00:11:39.571> a—<00:11:39.817> I<00:11:39.833> know<00:11:40.636> obviously<00:11:41.127> I'm<00:11:41.291> changing<00:11:41.700> along<00:11:41.946> with<00:11:42.109> it<00:11:42.224> too.

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I<00:11:42.470> learn<00:11:42.781> with<00:11:42.945> them.

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But<00:11:44.797> they're<00:11:45.038> utterly<00:11:45.343> transformed,<00:11:46.306> and<00:11:47.671> I<00:11:47.847> enjoy<00:11:48.490> people<00:11:48.811> who<00:11:49.036> have<00:11:49.212> that<00:11:49.437> learning<00:11:49.694> mindset.

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We<00:11:50.882> can<00:11:51.043> talk<00:11:51.284> about<00:11:51.524> the<00:11:51.621> infallible<00:11:52.183> founder.

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I<00:11:52.664> don't<00:11:52.905> believe<00:11:53.162> in<00:11:53.291> that.

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I<00:11:54.527> think<00:11:54.977> all<00:11:55.137> great<00:11:55.314> founders<00:11:55.860> have<00:11:56.052> to<00:11:56.181> have<00:11:56.293> a<00:11:56.357> learning<00:11:56.679> mindset<00:11:57.706> because<00:11:57.963> they<00:11:58.011> have<00:11:58.284> to—<00:11:59.151> they're<00:11:59.392> learning<00:11:59.729> something<00:12:00.532> which<00:12:00.677> is<00:12:00.773> a<00:12:00.789> completely<00:12:01.191> new<00:12:01.415> business,<00:12:02.700> and<00:12:02.780> no<00:12:02.941> one<00:12:03.101> can<00:12:03.262> predict<00:12:03.647> what's<00:12:03.824> going<00:12:03.952> to<00:12:04.049> happen,<00:12:04.370> right?

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So<00:12:06.730> to<00:12:06.810> the<00:12:07.019> point<00:12:07.260> about<00:12:07.501> the<00:12:07.661> hours,<00:12:12.488> Look,<00:12:12.809> when<00:12:13.755> you're<00:12:13.915> having<00:12:14.172> the<00:12:14.252> baby,<00:12:15.053> you'll<00:12:15.294> do<00:12:15.454> anything<00:12:16.159> to<00:12:17.618> nurture<00:12:18.019> it<00:12:18.179> and<00:12:18.323> protect<00:12:18.724> it.

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And<00:12:20.007> it's<00:12:20.103> just<00:12:20.327> the<00:12:20.488> nature<00:12:20.808> of<00:12:20.920> the<00:12:21.049> founder<00:12:22.411> that<00:12:22.988> there<00:12:23.165> is<00:12:23.389> a<00:12:24.591> level<00:12:24.976> of<00:12:25.537> paranoia.

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There<00:12:26.611> is<00:12:26.755> a<00:12:26.900> level<00:12:27.300> of—<00:12:28.278> it's<00:12:28.503> literally<00:12:28.904> like<00:12:29.144> your<00:12:29.240> child.

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How<00:12:30.859> much<00:12:31.068> effort<00:12:31.484> and<00:12:31.565> emotional<00:12:32.029> energy<00:12:32.366> do<00:12:32.430> you<00:12:32.607> put<00:12:32.767> into<00:12:32.991> your<00:12:33.087> child?

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And<00:12:34.450> it's<00:12:36.679> that<00:12:37.491> commitment,<00:12:39.131> it's<00:12:39.277> not<00:12:39.455> an<00:12:39.536> intellectual<00:12:40.072> commitment,<00:12:40.575> it<00:12:40.722> is<00:12:40.819> an<00:12:40.916> emotional<00:12:41.371> commitment.

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And<00:12:45.076> I<00:12:45.254> care<00:12:45.578> intensely<00:12:46.161> about<00:12:46.387> every<00:12:46.630> company<00:12:46.970> I'm<00:12:47.116> involved<00:12:47.504> with,<00:12:48.476> perhaps<00:12:48.815> to<00:12:48.896> a<00:12:49.042> fault,<00:12:49.851> but<00:12:49.965> I<00:12:50.013> actually<00:12:50.337> think<00:12:50.515> that<00:12:50.742> matters<00:12:51.243> to<00:12:51.389> my<00:12:52.360> contributing<00:12:53.200> to<00:12:53.298> the<00:12:53.378> founder's<00:12:53.847> journey.

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They<00:12:56.289> don't<00:12:56.581> always<00:12:56.839> like<00:12:57.082> it,<00:12:57.470> but<00:12:57.567> they<00:12:57.713> always<00:12:58.117> at<00:12:58.214> the<00:12:58.359> end<00:12:58.537> appreciate<00:12:59.912> how<00:13:00.494> strongly<00:13:01.044> I<00:13:01.125> felt<00:13:01.368> about<00:13:01.513> it.

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What<00:13:03.756> do<00:13:03.837> you<00:13:03.966> make<00:13:04.336> of<00:13:04.545> the<00:13:04.642> growth<00:13:05.431> of<00:13:05.608> VC<00:13:06.332> since<00:13:06.799> you<00:13:06.896> started?

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Uh-huh.

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Because<00:13:09.633> that<00:13:09.923> has<00:13:10.116> been<00:13:10.422> phenomenal.

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Like,<00:13:12.407> it<00:13:12.504> seems<00:13:12.667> like<00:13:12.894> almost<00:13:13.219> everyone's<00:13:13.722> a<00:13:13.787> VC<00:13:14.518> nowadays,<00:13:15.005> whereas<00:13:15.249> like<00:13:15.411> previously<00:13:15.850> it<00:13:15.898> was<00:13:16.077> like,<00:13:16.629> uh,<00:13:16.873> the<00:13:17.035> opposite.

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Uh,<00:13:18.497> what<00:13:18.594> do<00:13:18.675> you<00:13:18.773> make<00:13:19.162> of<00:13:19.309> that?

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Um,<00:13:23.203> probably<00:13:23.673> an<00:13:23.770> unpopular<00:13:24.418> thing<00:13:24.807> to<00:13:24.904> say,<00:13:25.391> but,<00:13:26.590> uh,<00:13:28.217> The<00:13:28.297> perception<00:13:28.928> of<00:13:29.025> money<00:13:29.412> and<00:13:29.590> power<00:13:30.075> attracts<00:13:30.560> a<00:13:30.624> lot<00:13:30.802> of<00:13:30.883> mercenaries,<00:13:33.412> and<00:13:33.654> it's<00:13:33.799> just<00:13:33.976> the<00:13:34.056> nature<00:13:34.443> of<00:13:34.604> things.

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I<00:13:35.908> think<00:13:36.295> as<00:13:36.407> the<00:13:36.552> tide<00:13:36.939> goes<00:13:37.261> out,<00:13:38.082> like<00:13:38.308> it<00:13:38.469> looks<00:13:38.710> like<00:13:38.903> it<00:13:39.064> might<00:13:40.498> in<00:13:40.578> the<00:13:40.659> next<00:13:40.965> couple<00:13:41.206> of<00:13:41.303> years,<00:13:41.689> a<00:13:41.931> lot<00:13:42.044> of<00:13:42.189> people<00:13:42.511> will<00:13:42.640> disappear.

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But<00:13:44.555> at<00:13:44.588> the<00:13:44.671> same<00:13:45.067> time,<00:13:46.540> the<00:13:46.572> markets<00:13:47.059> now<00:13:47.303> are<00:13:47.401> so<00:13:47.807> much<00:13:48.115> bigger,<00:13:49.496> and<00:13:49.594> it's<00:13:49.821> become<00:13:50.146> very<00:13:50.455> apparent<00:13:51.121> that<00:13:54.474> You<00:13:54.539> know,<00:13:54.636> in<00:13:54.733> the<00:13:54.879> old<00:13:55.041> days,<00:13:55.364> tech<00:13:55.607> was<00:13:55.769> tools,<00:13:56.561> then<00:13:56.804> things<00:13:57.047> became<00:13:57.387> tech-enabled.

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And<00:13:58.923> now<00:13:59.474> you<00:14:00.072> effectively<00:14:00.687> have<00:14:00.865> to<00:14:00.946> radically<00:14:01.512> transform<00:14:02.159> every<00:14:02.370> company<00:14:03.543> into<00:14:04.358> being<00:14:04.700> a<00:14:04.994> tech<00:14:05.238> company,<00:14:07.129> or<00:14:07.194> you're<00:14:07.292> not<00:14:07.389> going<00:14:07.487> to<00:14:07.552> survive.

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Because<00:14:08.785> there's<00:14:09.010> all<00:14:09.187> these<00:14:09.348> interlopers<00:14:11.358> in<00:14:11.519> startups<00:14:12.146> crawling<00:14:12.629> over<00:14:12.886> every<00:14:13.288> part<00:14:13.755> of<00:14:14.559> every<00:14:14.736> industry.

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You<00:14:16.424> know,<00:14:17.310> oil<00:14:17.491> companies<00:14:17.967> might<00:14:18.065> survive<00:14:18.721> because<00:14:19.033> they're<00:14:19.214> highly<00:14:19.607> capital-intensive.

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But<00:14:21.068> anything<00:14:21.406> that<00:14:21.663> is<00:14:21.808> not,<00:14:22.388> it's<00:14:23.579> just<00:14:23.740> fair<00:14:23.982> game.

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So<00:14:29.536> I<00:14:29.681> do<00:14:29.794> think<00:14:30.035> it's<00:14:30.261> good<00:14:30.406> that<00:14:30.502> there's<00:14:30.727> more<00:14:30.888> capital<00:14:32.446> to<00:14:33.008> make<00:14:33.314> that<00:14:33.490> transformation.

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I<00:14:34.358> think<00:14:34.663> it<00:14:34.840> keeps—<00:14:36.222> it's<00:14:36.366> just<00:14:36.527> the<00:14:36.623> natural<00:14:37.089> evolution<00:14:37.587> of<00:14:37.667> technology<00:14:38.856> that<00:14:39.081> we<00:14:39.178> free<00:14:39.563> ourselves<00:14:40.126> from<00:14:40.304> mundane<00:14:40.708> tasks<00:14:41.274> and<00:14:41.921> apply<00:14:42.229> ourselves<00:14:43.539> to<00:14:43.701> things<00:14:44.025> that<00:14:44.170> are<00:14:44.267> more<00:14:44.429> interesting.

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I<00:14:46.192> think<00:14:46.354> there<00:14:46.451> was<00:14:46.548> a<00:14:46.678> point<00:14:46.937> in<00:14:47.082> which<00:14:47.880> 70%<00:14:48.244> of<00:14:48.493> the<00:14:48.642> world's<00:14:48.907> population<00:14:49.553> was<00:14:49.719> engaged<00:14:50.133> in<00:14:50.216> agriculture.

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And,<00:14:52.311> you<00:14:52.344> know,<00:14:52.570> thank<00:14:52.668> God<00:14:52.910> we've<00:14:53.137> moved<00:14:53.380> on<00:14:53.477> from<00:14:53.720> that<00:14:54.044> and<00:14:54.125> we're<00:14:54.287> not<00:14:54.513> waking<00:14:54.789> up<00:14:54.934> at<00:14:55.032> 4<00:14:55.258> in<00:14:55.339> the<00:14:55.501> morning<00:14:56.149> to<00:14:56.311> till<00:14:56.473> the<00:14:56.570> field.

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Right.

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But<00:14:59.614> so<00:14:59.792> I<00:14:59.873> do<00:15:00.035> think<00:15:00.164> it's<00:15:00.358> a<00:15:00.439> good<00:15:00.585> thing<00:15:00.747> there's<00:15:00.925> more<00:15:01.087> capital.

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But,<00:15:03.656> you<00:15:03.721> know,<00:15:04.077> someone<00:15:04.466> who's<00:15:04.628> been<00:15:04.855> in<00:15:04.952> this<00:15:05.179> business<00:15:05.519> for<00:15:05.632> 21<00:15:06.070> years,<00:15:08.541> it<00:15:08.622> always<00:15:08.946> just<00:15:09.190> feels<00:15:09.595> like<00:15:11.055> there's<00:15:11.299> too<00:15:11.461> many<00:15:11.688> ups<00:15:11.866> and<00:15:11.948> downs<00:15:12.434> and<00:15:12.661> even<00:15:12.905> more<00:15:13.245> than<00:15:13.489> the<00:15:13.570> public<00:15:13.894> stock<00:15:14.202> market.

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It's<00:15:15.087> just<00:15:15.264> the<00:15:15.344> cycles<00:15:15.810> are<00:15:15.906> much<00:15:16.147> bigger.

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And<00:15:19.262> to<00:15:19.342> some<00:15:19.519> degree,<00:15:19.840> we<00:15:19.984> welcome<00:15:20.386> times<00:15:20.707> like<00:15:20.948> this<00:15:21.205> when<00:15:21.429> money<00:15:21.606> might<00:15:21.927> be<00:15:22.023> scarce.

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You<00:15:23.372> get<00:15:23.613> more<00:15:23.838> time<00:15:24.095> to<00:15:24.159> evaluate<00:15:24.801> companies.

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Real<00:15:26.423> founders<00:15:26.985> come<00:15:27.145> out<00:15:27.964> as<00:15:28.045> opposed<00:15:28.366> to<00:15:28.510> people<00:15:28.896> who<00:15:28.992> think<00:15:29.249> it's<00:15:29.393> fashionable<00:15:29.875> to<00:15:29.971> start<00:15:30.260> a<00:15:30.341> company.

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But,<00:15:32.107> but<00:15:32.203> I<00:15:32.348> agree<00:15:32.524> with<00:15:32.685> you,<00:15:33.151> there's<00:15:33.327> been<00:15:33.488> too<00:15:33.648> much<00:15:33.809> capital<00:15:34.756> and<00:15:34.917> too<00:15:35.013> many<00:15:35.254> people,<00:15:35.655> and<00:15:36.603> perhaps<00:15:37.502> this<00:15:37.663> correction<00:15:38.546> will<00:15:40.713> get<00:15:40.938> us<00:15:41.179> to<00:15:41.355> a<00:15:41.660> more<00:15:41.772> stable<00:15:42.158> place.

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Well,<00:15:43.682> on<00:15:43.843> the<00:15:44.003> other<00:15:44.067> hand,<00:15:44.340> it<00:15:44.485> is<00:15:44.581> appropriate<00:15:45.303> that<00:15:45.400> there's<00:15:45.688> a<00:15:45.753> lot<00:15:46.009> more<00:15:46.170> money<00:15:46.411> now<00:15:47.213> than<00:15:47.358> there<00:15:47.518> was<00:15:47.695> 20<00:15:47.935> years<00:15:48.176> ago.

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Yeah,<00:15:49.203> that<00:15:49.524> is<00:15:49.958> for<00:15:50.166> sure<00:15:50.503> a<00:15:50.519> net<00:15:50.824> positive<00:15:51.418> because<00:15:51.707> that<00:15:51.884> means<00:15:52.365> more<00:15:52.814> companies<00:15:53.216> will<00:15:53.312> get<00:15:53.489> funded<00:15:55.061> from<00:15:55.864> different<00:15:56.602> types<00:15:56.987> of<00:15:57.148> entrepreneurs<00:15:57.950> than<00:15:58.047> maybe<00:15:58.352> was<00:15:58.929> funded<00:15:59.652> 20<00:16:00.037> years<00:16:00.229> ago.

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I<00:16:01.096> think<00:16:01.256> that<00:16:01.513> is<00:16:01.577> for<00:16:01.706> sure—.

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And<00:16:02.043> we<00:16:02.075> are<00:16:02.139> much<00:16:02.252> more<00:16:02.348> ambitious<00:16:02.781> in<00:16:02.926> what<00:16:03.086> we<00:16:03.182> are<00:16:03.263> taking<00:16:03.744> on,<00:16:04.787> rightfully<00:16:05.269> so,<00:16:05.590> actually.

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And<00:16:06.734> like<00:16:06.959> more<00:16:07.200> money<00:16:07.457> outside<00:16:07.779> of<00:16:07.811> Silicon<00:16:08.180> Valley<00:16:08.662> too,<00:16:08.984> right?

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Which<00:16:09.707> seems<00:16:10.028> like<00:16:10.671> a<00:16:10.816> really<00:16:11.073> good<00:16:11.233> thing.

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You<00:16:11.619> mentioned<00:16:11.876> something<00:16:12.181> like<00:16:12.342> when<00:16:12.439> you<00:16:12.519> were<00:16:12.599> at<00:16:12.680> Sequoia,<00:16:13.724> everyone<00:16:14.045> had<00:16:14.190> like<00:16:14.351> started<00:16:14.833> something<00:16:15.636> or<00:16:15.717> had<00:16:15.893> done<00:16:16.134> something<00:16:16.456> pretty<00:16:16.697> incredible<00:16:17.821> to<00:16:17.966> kind<00:16:18.127> of<00:16:18.287> get<00:16:18.464> in<00:16:18.609> that<00:16:18.801> seat<00:16:19.267> and<00:16:19.428> be<00:16:19.653> a<00:16:19.733> partner<00:16:20.778> at<00:16:20.874> that<00:16:21.099> firm.

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How<00:16:22.095> important<00:16:22.545> do<00:16:22.577> you<00:16:22.706> think<00:16:22.866> that<00:16:23.043> is?

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Like<00:16:23.365> part<00:16:23.606> of<00:16:23.686> why<00:16:23.911> I<00:16:23.943> said<00:16:24.232> like,<00:16:24.425> man,<00:16:24.650> it<00:16:24.714> seems<00:16:24.907> like<00:16:25.052> everybody's<00:16:25.391> a<00:16:25.456> VC<00:16:25.875> now<00:16:26.893> is<00:16:27.054> it<00:16:27.135> kind<00:16:27.313> of<00:16:27.393> just<00:16:27.620> feels<00:16:27.943> like,<00:16:29.897> you<00:16:29.961> know,<00:16:30.139> people<00:16:30.349> who<00:16:30.543> probably<00:16:30.995> have<00:16:31.108> not<00:16:31.415> really<00:16:31.657> had<00:16:31.851> a<00:16:31.915> successful<00:16:32.561> company<00:16:32.965> are<00:16:33.046> investing<00:16:33.920> or<00:16:34.652> have<00:16:34.896> not<00:16:35.237> been<00:16:35.368> in<00:16:35.400> the<00:16:35.433> founder's<00:16:35.563> shoes.

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And<00:16:35.725> I<00:16:35.774> wonder<00:16:35.855> if<00:16:35.888> that<00:16:35.937> matters.

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Matters<00:16:40.044> in<00:16:40.141> the<00:16:40.301> long<00:16:40.607> run.

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I<00:16:40.848> can't<00:16:41.041> imagine<00:16:41.427> it<00:16:41.588> doesn't<00:16:42.071> matter<00:16:42.312> to<00:16:42.409> some<00:16:42.650> extent,<00:16:43.100> or<00:16:43.342> whether<00:16:43.744> it's,<00:16:44.805> you<00:16:44.870> know,<00:16:44.982> money<00:16:45.288> is<00:16:45.433> money.

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It's<00:16:48.235> a<00:16:48.336> bit<00:16:48.489> of<00:16:48.590> everything.

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The<00:16:50.283> founder<00:16:50.974> is<00:16:51.193> trying<00:16:51.531> to<00:16:51.632> build<00:16:51.885> an<00:16:51.969> institution.

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The<00:16:56.147> 28-year-old<00:16:57.902> that<00:16:58.144> just<00:16:58.530> entered<00:16:58.788> venture<00:16:59.094> capital<00:17:03.135> may<00:17:03.360> have<00:17:03.618> an<00:17:03.763> instinct<00:17:04.962> for<00:17:06.962> how<00:17:07.140> the<00:17:07.285> world<00:17:07.527> is<00:17:07.624> going<00:17:07.769> to<00:17:07.849> change<00:17:09.059> that<00:17:10.834> I<00:17:11.011> as<00:17:11.108> a<00:17:11.173> founder<00:17:11.560> may<00:17:11.673> not,<00:17:12.832> right?

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And<00:17:15.008> I<00:17:15.330> think<00:17:15.653> you<00:17:15.733> just<00:17:16.056> need<00:17:16.217> a<00:17:16.362> blend<00:17:16.604> of<00:17:16.781> people,<00:17:17.990> but<00:17:18.070> the<00:17:18.231> most<00:17:18.538> important<00:17:19.021> ingredient<00:17:19.617> is<00:17:19.779> intellectual<00:17:20.326> curiosity<00:17:22.437> and<00:17:22.584> kind<00:17:22.763> of<00:17:22.861> the<00:17:22.991> humility<00:17:23.643> to<00:17:23.740> know,<00:17:25.777> I<00:17:25.793> mean,<00:17:26.184> this<00:17:26.266> is<00:17:26.413> a<00:17:26.494> hard<00:17:26.755> business.

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Yeah.

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And<00:17:28.861> you're<00:17:29.190> grappling<00:17:29.667> with<00:17:29.766> so<00:17:30.012> much<00:17:30.177> uncertainty.

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How<00:17:33.087> do<00:17:33.168> you<00:17:33.314> write<00:17:33.556> under<00:17:34.138> uncertainty<00:17:34.881> is<00:17:35.026> a<00:17:35.107> big<00:17:35.349> part<00:17:35.737> of<00:17:35.915> the<00:17:35.996> role.

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And<00:17:38.353> I,<00:17:38.919> I<00:17:38.951> don't<00:17:39.162> think<00:17:39.404> you<00:17:39.501> can<00:17:39.663> eliminate<00:17:40.051> anybody.

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You<00:17:44.364> don't<00:17:44.559> have<00:17:44.834> to<00:17:44.963> have<00:17:45.708> this<00:17:47.068> CEO<00:17:47.489> or<00:17:48.121> founder<00:17:48.542> background,<00:17:49.902> but<00:17:49.999> I<00:17:50.145> do<00:17:50.258> think<00:17:50.873> having<00:17:51.278> all<00:17:51.456> of<00:17:51.618> the<00:17:51.764> perspectives<00:17:52.508> is<00:17:52.654> very<00:17:52.897> helpful.

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I<00:17:53.878> always<00:17:54.375> feel<00:17:54.607> that<00:17:54.772> partnerships<00:17:55.434> should<00:17:55.617> be<00:17:55.766> made<00:17:56.014> up<00:17:56.196> of<00:17:56.362> people<00:17:57.503> that<00:17:59.295> approach<00:17:59.699> things<00:17:59.941> in<00:18:00.070> different<00:18:00.409> ways,<00:18:03.110> you<00:18:03.174> know,<00:18:03.368> have<00:18:03.529> different<00:18:03.852> expertise,<00:18:04.434> come<00:18:04.660> from<00:18:04.837> different<00:18:05.080> domains.

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And<00:18:06.614> it's<00:18:06.759> just<00:18:07.567> what<00:18:07.809> matters<00:18:08.229> now<00:18:08.536> may<00:18:08.632> not<00:18:08.859> matter,<00:18:09.182> will<00:18:09.359> not<00:18:09.585> matter<00:18:09.827> in<00:18:09.989> 5<00:18:10.183> years.

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And<00:18:11.263> you<00:18:11.328> just<00:18:11.586> need<00:18:11.748> to<00:18:11.893> have<00:18:13.443> people<00:18:13.765> that<00:18:13.927> can<00:18:14.088> adapt<00:18:14.395> to<00:18:14.492> that,<00:18:15.945> uh,<00:18:17.381> and<00:18:18.689> carry<00:18:19.012> along<00:18:19.496> the<00:18:19.593> right<00:18:19.884> pattern<00:18:20.126> recognition,<00:18:20.860> but<00:18:21.023> not<00:18:21.267> be<00:18:21.365> too<00:18:21.512> married<00:18:21.854> to<00:18:22.018> it.

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How<00:18:24.027> has<00:18:24.350> your<00:18:24.917> investing<00:18:25.839> thesis<00:18:26.794> or<00:18:27.344> investing<00:18:27.911> style<00:18:28.251> changed<00:18:28.493> since<00:18:28.801> you<00:18:28.963> left<00:18:29.125> Sequoia<00:18:29.707> and<00:18:29.869> started<00:18:30.419> Wing?

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It<00:18:34.562> hasn't<00:18:34.821> changed<00:18:35.225> much,<00:18:35.484> actually.

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Really?

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Yes.

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At<00:18:41.048> least<00:18:41.291> for<00:18:41.453> me,<00:18:42.811> what<00:18:42.989> we<00:18:43.151> do<00:18:43.232> as<00:18:43.329> a<00:18:43.458> partnership<00:18:44.941> now<00:18:47.424> is<00:18:47.569> obviously<00:18:48.053> different<00:18:48.553> from<00:18:49.504> what<00:18:49.666> one<00:18:49.827> was<00:18:49.988> doing<00:18:50.230> 20<00:18:50.488> years<00:18:50.649> ago.

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But<00:18:51.651> that<00:18:51.829> is<00:18:51.909> a<00:18:51.990> function<00:18:52.395> of<00:18:52.540> how<00:18:52.637> the<00:18:52.702> industry<00:18:53.203> has<00:18:53.365> changed<00:18:53.704> as<00:18:53.914> well<00:18:54.076> and<00:18:54.254> what<00:18:54.480> we<00:18:54.545> are<00:18:54.594> investing<00:18:55.143> in.

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Back<00:18:56.502> then,<00:18:57.472> we<00:18:57.569> were<00:18:57.666> doing<00:18:57.908> a<00:18:57.973> lot<00:18:58.135> of<00:18:58.216> systems<00:18:58.943> and,<00:18:59.412> you<00:18:59.509> know,<00:18:59.671> software<00:19:00.237> was<00:19:00.398> a<00:19:00.544> part<00:19:00.690> of<00:19:00.866> it.

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We<00:19:01.605> were<00:19:01.702> doing<00:19:01.927> semiconductors<00:19:03.597> and<00:19:04.818> we<00:19:04.979> don't<00:19:05.461> do<00:19:05.638> those<00:19:05.863> things<00:19:06.104> anymore<00:19:06.666> because<00:19:08.096> the<00:19:10.024> industry<00:19:10.425> is<00:19:10.490> not<00:19:10.619> as<00:19:10.684> vertical<00:19:11.496> as<00:19:11.593> it<00:19:11.739> used<00:19:11.966> to<00:19:12.064> be,<00:19:12.940> right?

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And<00:19:15.390> economies<00:19:15.893> of<00:19:15.974> scale<00:19:16.510> work<00:19:16.834> in<00:19:16.915> a<00:19:16.932> certain<00:19:17.337> way.

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In<00:19:18.325> the<00:19:18.406> whole<00:19:18.648> tech<00:19:18.874> stack.

00:19:19.310 --> 00:19:36.074
So<00:19:20.263> in<00:19:20.408> general,<00:19:20.828> venture<00:19:21.135> capitalists<00:19:21.635> have<00:19:21.797> been<00:19:22.039> pushed<00:19:22.346> further<00:19:22.750> up<00:19:22.911> the<00:19:22.992> stack<00:19:24.946> as<00:19:25.108> time<00:19:25.334> has<00:19:25.511> gone<00:19:25.737> on<00:19:26.610> because,<00:19:27.063> you<00:19:27.127> know,<00:19:27.694> Amazon<00:19:28.082> Web<00:19:28.244> Services<00:19:29.150> and<00:19:30.606> people<00:19:31.577> like<00:19:31.803> that<00:19:32.127> have<00:19:32.370> made<00:19:33.276> what<00:19:33.502> we<00:19:33.664> invested<00:19:34.230> in<00:19:34.894> 20<00:19:35.201> years<00:19:35.395> ago<00:19:35.590> irrelevant.

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Yeah.

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So<00:19:39.560> what<00:19:39.673> are<00:19:39.721> you<00:19:39.818> looking<00:19:40.060> at<00:19:40.157> now<00:19:40.689> for<00:19:40.851> like<00:19:41.012> the<00:19:41.109> future?

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Are<00:19:42.239> you<00:19:42.400> looking<00:19:42.642> at<00:19:42.723> like<00:19:42.884> a<00:19:42.949> lot<00:19:43.110> of<00:19:43.191> biotech,<00:19:44.159> a<00:19:44.176> lot<00:19:44.337> of<00:19:44.482> energy?

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Things<00:19:47.279> around<00:19:48.401> AI,<00:19:49.860> blockchain,<00:19:51.287> like<00:19:52.105> what<00:19:52.521> do<00:19:52.730> you<00:19:52.826> see<00:19:53.307> as<00:19:53.467> we<00:19:53.611> head<00:19:53.788> into<00:19:53.948> this<00:19:54.173> period<00:19:54.493> where<00:19:55.375> it<00:19:55.407> feels<00:19:55.615> like<00:19:55.776> we're<00:19:56.273> in<00:19:56.353> a<00:19:56.417> recession,<00:19:56.914> whether<00:19:57.154> they<00:19:57.251> say<00:19:57.539> we're<00:19:57.635> in<00:19:57.715> a<00:19:57.732> recession<00:19:58.116> or<00:19:58.180> not,<00:19:58.357> but<00:19:58.581> like<00:19:58.758> we're<00:19:58.918> going<00:19:59.944> into<00:20:00.136> something<00:20:00.665> that<00:20:00.986> could<00:20:01.242> be<00:20:01.387> pretty<00:20:01.643> intense<00:20:02.124> next<00:20:02.589> year<00:20:03.006> in<00:20:03.150> 2023.

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What<00:20:05.587> do<00:20:05.667> you<00:20:05.972> look<00:20:06.212> at<00:20:06.517> now?

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Like,<00:20:07.174> where<00:20:07.414> are<00:20:07.495> the<00:20:07.719> opportunities?

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What<00:20:09.162> does<00:20:09.338> the<00:20:09.418> future<00:20:09.883> look<00:20:10.060> like?

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We<00:20:12.413> always<00:20:12.753> approach<00:20:13.238> these<00:20:13.561> things<00:20:13.868> from<00:20:14.046> the<00:20:14.207> point<00:20:14.515> of<00:20:14.595> view<00:20:15.177> of<00:20:18.491> what<00:20:18.653> is<00:20:18.798> going<00:20:18.992> to<00:20:19.057> matter<00:20:20.577> for<00:20:21.320> the<00:20:21.450> next<00:20:21.643> 10<00:20:21.805> years,<00:20:23.177> because<00:20:23.420> startups<00:20:23.839> take<00:20:24.066> 5<00:20:24.324> or<00:20:24.388> 7<00:20:24.695> years<00:20:24.873> to<00:20:25.018> mature.

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So<00:20:26.391> you<00:20:26.423> need<00:20:26.633> to<00:20:26.714> have<00:20:26.972> markets<00:20:28.103> that<00:20:29.782> are<00:20:29.879> going<00:20:30.040> to<00:20:30.121> be<00:20:30.170> enduring<00:20:31.561> and<00:20:32.451> which<00:20:32.629> don't<00:20:32.872> look<00:20:33.098> like<00:20:33.341> much<00:20:33.584> now,<00:20:34.328> but<00:20:34.474> are<00:20:34.652> likely<00:20:34.976> to<00:20:35.073> be<00:20:35.218> quite<00:20:35.461> significant<00:20:36.335> in<00:20:36.448> 7<00:20:36.756> to<00:20:36.836> 10<00:20:36.998> years.

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Right,<00:20:38.023> or<00:20:38.093> 5<00:20:38.442> to<00:20:38.529> 10<00:20:38.703> years,<00:20:40.402> and<00:20:41.527> where<00:20:41.752> the<00:20:41.848> comp—<00:20:42.314> our<00:20:42.475> companies<00:20:42.893> can<00:20:43.037> grow<00:20:43.294> into<00:20:43.616> it.

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So<00:20:46.669> the<00:20:46.749> most<00:20:47.215> obvious<00:20:47.633> thing<00:20:48.099> is<00:20:50.189> there's<00:20:50.366> a<00:20:50.527> revolution<00:20:51.493> underway<00:20:52.136> in<00:20:53.086> data<00:20:55.097> and<00:20:55.275> data<00:20:55.661> availability<00:20:56.321> and<00:20:56.481> data<00:20:56.787> usability,<00:20:57.367> and<00:20:57.447> more<00:20:57.688> importantly,<00:20:59.790> the<00:20:59.839> machine<00:21:00.233> learning<00:21:01.037> that<00:21:01.201> can<00:21:01.463> take<00:21:01.709> advantage<00:21:02.349> of<00:21:02.448> that<00:21:02.694> data<00:21:04.246> can<00:21:04.879> absorb<00:21:06.519> processes,<00:21:07.964> workflows<00:21:09.981> automatically,<00:21:11.990> and<00:21:14.336> be<00:21:15.220> proactive,<00:21:16.505> provide<00:21:16.891> greater<00:21:17.293> insights<00:21:17.791> than<00:21:17.952> before,<00:21:18.419> all<00:21:18.661> the<00:21:18.822> things<00:21:19.467> we<00:21:19.628> generated,<00:21:20.209> right?

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Make<00:21:21.337> us<00:21:21.563> more<00:21:22.965> superpowered,<00:21:23.610> if<00:21:23.739> you<00:21:23.836> will.

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So<00:21:29.364> The<00:21:29.445> transformation<00:21:30.474> of<00:21:30.715> business<00:21:31.293> and<00:21:31.615> work.

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Uh,<00:21:33.769> we<00:21:33.865> only<00:21:34.107> do<00:21:34.251> B2B<00:21:34.589> investing,<00:21:35.087> so<00:21:35.200> the<00:21:35.296> transformation<00:21:35.955> of<00:21:36.679> business<00:21:37.097> and<00:21:37.290> work<00:21:39.335> through<00:21:39.963> AI<00:21:41.509> based<00:21:42.056> on<00:21:43.039> proprietary<00:21:43.763> or<00:21:43.844> novel<00:21:44.166> data<00:21:44.343> sources<00:21:45.632> is<00:21:46.195> our<00:21:46.340> biggest<00:21:46.582> theme.

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I<00:21:47.307> think<00:21:47.549> we<00:21:47.711> can<00:21:47.936> all<00:21:48.356> feel<00:21:49.629> that<00:21:49.791> that<00:21:49.968> will<00:21:50.129> matter<00:21:50.436> for<00:21:50.597> 10<00:21:50.710> years,<00:21:51.177> and<00:21:51.323> we<00:21:51.355> see<00:21:51.661> that<00:21:52.451> across<00:21:52.790> vertical<00:21:53.193> industries,<00:21:53.774> across<00:21:56.596> horizontal<00:21:57.809> job<00:21:58.197> types,<00:21:58.941> etc.

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And<00:22:00.477> then<00:22:00.785> there's<00:22:00.930> a<00:22:01.027> third<00:22:01.286> thing<00:22:01.448> underway,<00:22:02.256> which<00:22:02.499> is<00:22:03.793> the<00:22:03.954> internet<00:22:04.277> started<00:22:05.875> this<00:22:07.732> very<00:22:08.055> large<00:22:08.620> trend<00:22:10.074> of—<00:22:12.189> I<00:22:12.205> don't<00:22:12.366> like<00:22:12.480> this<00:22:12.656> word—<00:22:12.978> decentralization,<00:22:14.603> but<00:22:14.844> basically<00:22:15.327> democratization<00:22:16.356> of<00:22:16.453> channels<00:22:18.287> and<00:22:19.011> acquisition<00:22:21.200> You<00:22:21.297> see<00:22:21.524> that<00:22:21.687> in<00:22:21.833> open<00:22:22.027> source<00:22:22.336> projects,<00:22:22.887> you<00:22:22.920> see<00:22:23.131> that<00:22:23.244> in<00:22:23.374> so<00:22:23.552> many<00:22:23.796> places,<00:22:24.283> product-led<00:22:24.769> growth,<00:22:25.645> consumer<00:22:26.051> companies,<00:22:26.570> of<00:22:26.716> course,<00:22:27.106> which<00:22:27.268> are<00:22:27.365> direct-to-consumer.

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There<00:22:31.420> are<00:22:31.597> many<00:22:31.920> opportunities<00:22:32.645> there<00:22:33.032> that<00:22:33.451> you<00:22:33.596> can<00:22:33.773> think<00:22:34.079> of<00:22:34.256> as<00:22:34.498> business<00:22:34.901> modeling<00:22:36.109> because<00:22:36.673> of<00:22:36.754> the<00:22:36.915> enablement,<00:22:38.107> even<00:22:38.285> further<00:22:38.768> enablement<00:22:40.202> of,<00:22:45.816> you<00:22:45.848> know,<00:22:46.634> decentralized<00:22:47.580> owning,<00:22:48.318> like<00:22:48.574> if<00:22:48.943> Web<00:22:49.120> 1<00:22:49.280> was<00:22:49.456> about<00:22:49.825> read,<00:22:50.307> Web<00:22:50.499> 2<00:22:50.627> was<00:22:50.788> about<00:22:51.269> write,<00:22:51.686> Web<00:22:51.926> 3<00:22:52.103> is<00:22:52.247> about<00:22:52.632> own.

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What<00:22:54.332> does<00:22:54.493> that<00:22:54.717> enable<00:22:55.455> in<00:22:55.535> a,<00:22:56.337> not<00:22:56.562> necessarily<00:22:57.139> token<00:22:57.460> mechanism,<00:22:58.406> but<00:22:59.144> what<00:22:59.304> does<00:22:59.448> that<00:22:59.609> enable?

00:23:00.491 --> 00:23:05.335
Or<00:23:00.571> are<00:23:00.732> there<00:23:00.908> other<00:23:01.165> things,<00:23:02.512> like<00:23:02.672> labor<00:23:02.977> marketplaces<00:23:03.715> are<00:23:03.859> having<00:23:04.196> a<00:23:04.260> real<00:23:04.517> moment<00:23:04.853> in<00:23:04.982> the<00:23:05.062> sun.

00:23:06.281 --> 00:23:10.050
The<00:23:06.345> first<00:23:06.602> generation<00:23:07.227> was<00:23:07.387> product<00:23:07.708> marketplaces<00:23:08.927> with<00:23:09.152> Amazon<00:23:09.649> and<00:23:09.954> eBay.

00:23:10.531 --> 00:23:14.701
There<00:23:10.675> was<00:23:10.740> a<00:23:10.756> second<00:23:11.076> generation<00:23:11.638> of<00:23:11.718> service<00:23:12.135> marketplaces<00:23:13.322> with<00:23:13.562> Uber<00:23:13.979> and<00:23:14.124> Airbnb.

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Right?

00:23:17.665 --> 00:23:21.498
And<00:23:17.746> of<00:23:17.844> course,<00:23:20.117> people<00:23:20.426> like<00:23:20.605> bookings.com.

00:23:22.472 --> 00:23:31.935
And<00:23:22.618> now<00:23:22.959> we<00:23:23.105> have<00:23:23.284> this<00:23:23.463> era<00:23:23.755> of<00:23:24.470> labor<00:23:24.729> marketplaces<00:23:26.526> where<00:23:29.749> people<00:23:30.072> can,<00:23:30.882> they<00:23:30.979> don't<00:23:31.109> have<00:23:31.222> to<00:23:31.368> work<00:23:31.692> full-time.

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They<00:23:32.886> can<00:23:35.065> add<00:23:36.841> second<00:23:37.099> jobs<00:23:37.745> and<00:23:38.229> work<00:23:38.471> by<00:23:38.632> the<00:23:38.858> hour<00:23:39.197> and<00:23:39.359> what<00:23:39.520> we<00:23:39.681> call<00:23:39.988> the<00:23:40.085> gig<00:23:40.311> economy,<00:23:40.747> but<00:23:40.892> it's<00:23:41.053> a<00:23:41.118> lot<00:23:41.360> more<00:23:41.521> than<00:23:41.618> that.

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So<00:23:43.248> there<00:23:43.394> are<00:23:43.474> things<00:23:43.733> like<00:23:43.959> that<00:23:44.136> that<00:23:44.282> are<00:23:44.379> business<00:23:44.702> model-y<00:23:45.089> that<00:23:45.267> we<00:23:45.347> do<00:23:45.525> as<00:23:45.735> well.

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But<00:23:46.736> it's<00:23:46.881> those,<00:23:47.124> those<00:23:47.366> three<00:23:47.527> things,<00:23:47.915> things<00:23:48.173> that<00:23:49.287> where<00:23:49.400> the<00:23:49.546> internet<00:23:49.869> has<00:23:50.030> enabled<00:23:50.595> massive<00:23:50.999> changes<00:23:51.322> in<00:23:51.467> business<00:23:51.805> models,<00:23:53.579> the<00:23:53.724> enablement<00:23:54.320> through<00:23:54.530> AI<00:23:55.916> applications<00:23:56.964> and<00:23:57.222> the<00:23:57.367> underlying<00:23:59.059> data<00:23:59.350> forms<00:24:02.373> that<00:24:02.697> drive<00:24:03.117> the<00:24:03.247> whole<00:24:03.360> stack.

00:24:04.556 --> 00:24:06.545
And<00:24:04.637> yes,<00:24:05.041> we<00:24:05.187> are<00:24:05.284> doing<00:24:05.591> things<00:24:05.850> in<00:24:05.931> bio<00:24:06.254> and<00:24:06.400> health.

00:24:07.368 --> 00:24:14.289
We<00:24:07.531> actually<00:24:07.875> feel<00:24:08.431> that<00:24:08.839> medicine<00:24:09.510> and<00:24:09.739> health<00:24:10.432> will<00:24:10.657> be<00:24:10.753> the<00:24:10.978> area<00:24:12.103> where<00:24:12.280> AI<00:24:12.698> eventually<00:24:13.228> has<00:24:13.405> the<00:24:13.485> greatest<00:24:13.887> impact.

00:24:16.458 --> 00:24:19.612
It<00:24:16.603> will<00:24:16.715> take<00:24:16.940> time,<00:24:17.487> but<00:24:17.905> we<00:24:18.049> actually<00:24:18.387> do<00:24:18.644> sincerely<00:24:19.190> believe<00:24:19.480> that.

00:24:20.240 --> 00:24:22.539
So<00:24:20.406> it<00:24:20.571> is<00:24:20.687> about<00:24:21.067> 20-25%<00:24:21.993> of<00:24:22.225> what<00:24:22.390> we<00:24:22.489> do.

00:24:24.445 --> 00:24:25.837
Why<00:24:24.544> don't<00:24:24.726> you<00:24:24.859> like<00:24:25.041> the<00:24:25.124> word<00:24:25.455> decentralization?

00:24:27.493 --> 00:24:32.398
Because<00:24:27.752> it's<00:24:27.962> too<00:24:28.221> tied<00:24:28.610> up<00:24:28.934> with<00:24:29.096> the<00:24:29.193> whole<00:24:29.516> tokenization<00:24:31.281> crypto<00:24:31.686> phenomenon.

00:24:33.466 --> 00:24:35.895
And<00:24:33.628> I<00:24:33.725> think<00:24:33.968> of<00:24:34.195> it<00:24:34.292> as<00:24:34.616> much<00:24:34.923> more<00:24:35.199> than<00:24:35.409> just<00:24:35.652> crypto.

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Yeah.

00:24:37.038 --> 00:24:40.085
What<00:24:37.134> do<00:24:37.198> you<00:24:37.358> think<00:24:37.599> of<00:24:37.856> like,<00:24:38.256> I<00:24:38.273> mean,<00:24:38.481> crypto<00:24:38.962> has<00:24:39.122> taken<00:24:39.443> a<00:24:39.523> huge<00:24:39.844> hit.

00:24:40.886 --> 00:24:45.104
I<00:24:40.967> think<00:24:41.143> Web3<00:24:41.608> has<00:24:41.768> probably<00:24:42.089> taken<00:24:43.613> a<00:24:43.789> hit<00:24:44.094> in<00:24:44.190> all<00:24:44.366> of<00:24:44.495> this<00:24:44.751> as<00:24:44.976> well.

00:24:46.499 --> 00:24:49.033
FTX<00:24:47.157> did<00:24:47.397> nobody<00:24:47.878> any<00:24:48.039> favors<00:24:48.760> in<00:24:48.921> that.

00:24:49.161 --> 00:24:51.342
But<00:24:49.241> even<00:24:49.482> before<00:24:49.803> that,<00:24:50.284> they<00:24:50.428> were<00:24:50.524> taking<00:24:50.861> some<00:24:51.070> hits.

00:24:52.769 --> 00:24:59.585
And<00:24:52.850> by<00:24:53.010> the<00:24:53.315> way,<00:24:53.651> Sequoia<00:24:54.132> has<00:24:54.309> been<00:24:54.453> in<00:24:54.533> the<00:24:54.614> news<00:24:54.934> around<00:24:55.175> this<00:24:55.496> FTX<00:24:55.929> thing,<00:24:56.778> which<00:24:56.939> is<00:24:57.083> pretty<00:24:57.340> interesting<00:24:57.885> and<00:24:58.045> kind<00:24:58.206> of<00:24:58.607> them<00:24:58.783> investing<00:24:59.328> in<00:24:59.424> them.

00:24:59.665 --> 00:25:03.069
And<00:24:59.841> I<00:24:59.906> guess<00:25:00.691> the<00:25:00.788> post<00:25:01.188> that<00:25:01.333> they<00:25:01.894> did<00:25:01.990> about<00:25:02.940> that.

00:25:03.783 --> 00:25:10.080
What<00:25:03.897> do<00:25:03.929> you<00:25:04.108> think,<00:25:04.497> like,<00:25:04.741> how<00:25:04.919> does<00:25:05.634> that<00:25:06.283> whole<00:25:06.721> space<00:25:08.149> regroup<00:25:08.912> and<00:25:09.058> come<00:25:09.301> back<00:25:09.691> from<00:25:09.869> this?

00:25:13.136 --> 00:25:16.097
It's<00:25:13.363> the<00:25:13.476> typical<00:25:13.929> hype<00:25:14.107> cycle,<00:25:15.159> goes<00:25:15.401> up<00:25:15.579> and<00:25:15.725> down.

00:25:17.019 --> 00:25:25.704
I<00:25:17.035> mean,<00:25:17.990> speculators<00:25:18.799> pile<00:25:19.122> in,<00:25:20.012> eventually<00:25:20.578> real<00:25:20.886> use<00:25:21.145> cases<00:25:21.484> show<00:25:21.760> up<00:25:23.237> and<00:25:24.714> businesses<00:25:25.201> get<00:25:25.363> built.

00:25:26.094 --> 00:25:27.945
You<00:25:26.175> know,<00:25:26.646> we<00:25:26.678> saw<00:25:26.971> this<00:25:27.133> with<00:25:27.214> the<00:25:27.376> internet<00:25:27.717> itself.

00:25:28.569 --> 00:25:33.929
I'm<00:25:28.747> not<00:25:28.941> saying<00:25:29.524> that<00:25:29.670> crypto<00:25:30.156> has<00:25:30.334> the<00:25:30.431> scale<00:25:30.965> of<00:25:31.629> the<00:25:31.937> internet,<00:25:33.329> but<00:25:33.427> we<00:25:33.556> saw<00:25:33.750> this.

00:25:37.632 --> 00:25:48.353
I<00:25:37.648> mean,<00:25:38.182> I<00:25:38.344> think<00:25:38.749> of<00:25:43.767> NFTs<00:25:44.350> as<00:25:44.496> just<00:25:44.690> a<00:25:44.755> way<00:25:45.160> of<00:25:45.953> making<00:25:46.420> securitization<00:25:47.354> of<00:25:47.515> an<00:25:47.660> asset<00:25:48.063> cheaper.

00:25:49.191 --> 00:25:55.543
If<00:25:49.256> you<00:25:49.304> can<00:25:49.530> do<00:25:49.675> it<00:25:49.755> programmatically<00:25:51.205> and<00:25:51.350> it<00:25:51.512> costs<00:25:51.689> $100<00:25:52.495> to<00:25:52.640> securitize<00:25:53.300> something<00:25:53.719> instead<00:25:54.090> of<00:25:54.203> $2<00:25:54.412> million,<00:25:55.188> Why<00:25:55.284> not?

00:25:56.414 --> 00:25:56.656
Right?

00:25:57.043 --> 00:26:05.236
But<00:25:57.123> the<00:25:57.220> issue<00:25:57.624> is<00:25:57.849> that<00:25:58.430> speculators<00:25:59.140> always<00:25:59.559> pile<00:25:59.801> in<00:25:59.963> in<00:26:00.043> the<00:26:00.124> beginning<00:26:02.124> and<00:26:03.092> kind<00:26:03.254> of<00:26:04.254> spoil<00:26:04.577> it<00:26:04.690> for<00:26:04.802> a<00:26:04.866> little<00:26:05.107> while.

00:26:05.750 --> 00:26:07.549
But<00:26:05.846> eventually,<00:26:06.312> we<00:26:06.409> will<00:26:06.553> have<00:26:06.730> the<00:26:06.810> right<00:26:07.051> use<00:26:07.276> cases.

00:26:07.614 --> 00:26:16.220
I<00:26:07.630> mean,<00:26:08.256> if<00:26:08.401> you<00:26:08.578> could<00:26:08.738> securitize<00:26:09.526> your<00:26:09.686> house<00:26:12.112> without<00:26:12.771> it<00:26:12.916> becoming<00:26:13.317> speculative,<00:26:14.330> you<00:26:14.509> should<00:26:14.753> be<00:26:14.851> able<00:26:15.079> to<00:26:15.177> do<00:26:15.340> that,<00:26:15.747> right?

00:26:16.708 --> 00:26:31.254
Instead<00:26:17.034> of<00:26:17.132> having<00:26:17.523> to<00:26:18.582> go<00:26:18.826> through<00:26:19.006> these<00:26:19.234> mechanisms<00:26:20.146> where<00:26:21.649> there<00:26:22.619> are<00:26:22.717> 3<00:26:22.943> levels<00:26:23.266> of<00:26:23.428> brokers<00:26:24.091> to<00:26:24.253> get<00:26:24.431> it<00:26:24.560> to<00:26:24.657> the<00:26:24.819> point<00:26:25.126> where<00:26:25.304> it's<00:26:25.466> big<00:26:25.644> enough<00:26:26.921> to<00:26:27.099> securitize<00:26:28.037> and<00:26:28.684> sell<00:26:28.927> off<00:26:29.331> like<00:26:29.493> a<00:26:29.574> billion-dollar<00:26:30.075> loan<00:26:30.318> portfolio<00:26:30.690> to<00:26:30.819> somebody.

00:26:32.028 --> 00:26:35.237
It<00:26:32.092> would<00:26:32.238> be<00:26:32.334> really<00:26:32.576> nice<00:26:33.141> if<00:26:33.286> you<00:26:33.382> could<00:26:33.544> do<00:26:33.705> it<00:26:33.931> at<00:26:34.108> more<00:26:34.592> micro<00:26:34.930> scale.

00:26:35.882 --> 00:26:39.365
So,<00:26:35.962> I<00:26:36.108> like<00:26:36.285> that<00:26:36.511> part,<00:26:38.187> but<00:26:38.349> it'll<00:26:38.510> take<00:26:38.736> a<00:26:38.913> little<00:26:39.075> while.

00:26:39.640 --> 00:26:41.705
I<00:26:39.720> mean,<00:26:40.366> there'll<00:26:40.769> be<00:26:40.914> a<00:26:40.995> couple<00:26:41.189> of<00:26:41.318> use<00:26:41.576> cases.

00:26:41.834 --> 00:26:43.157
I<00:26:41.850> don't<00:26:42.060> know<00:26:42.205> if<00:26:42.302> it's<00:26:42.447> real<00:26:42.625> estate.

00:26:43.577 --> 00:26:45.465
The<00:26:43.658> stock<00:26:43.932> market<00:26:44.384> is<00:26:44.561> securitization.

00:26:45.917 --> 00:26:46.046
Yeah.

00:26:46.320 --> 00:26:46.514
Right?

00:26:46.594 --> 00:26:48.696
I<00:26:46.643> mean,<00:26:47.028> A<00:26:47.252> piece<00:26:47.493> of<00:26:47.637> stock<00:26:47.990> is<00:26:48.135> an<00:26:48.231> NFT.

00:26:49.177 --> 00:26:49.338
Yeah.

00:26:49.418 --> 00:26:50.589
The<00:26:49.498> piece<00:26:49.739> of<00:26:49.883> paper<00:26:50.140> has<00:26:50.301> nothing.

00:26:52.065 --> 00:26:52.948
You<00:26:52.146> know,<00:26:52.290> it<00:26:52.386> is<00:26:52.531> an<00:26:52.627> NFT.

00:26:53.413 --> 00:27:00.023
The<00:26:53.445> collectibles<00:26:54.071> are<00:26:54.215> an<00:26:54.295> NFT,<00:26:54.793> but<00:26:55.579> we<00:26:55.675> do<00:26:55.836> that<00:26:55.996> all<00:26:56.156> day<00:26:56.317> long,<00:26:57.023> but<00:26:57.119> somehow<00:26:58.338> it's<00:26:58.467> just<00:26:58.643> gotten<00:26:58.964> caught<00:26:59.205> up<00:26:59.365> in<00:26:59.445> the<00:26:59.526> hype<00:26:59.750> cycle.

00:27:00.071 --> 00:27:07.820
So<00:27:00.552> anyway,<00:27:01.130> I<00:27:01.274> think<00:27:01.531> there<00:27:01.691> are<00:27:01.788> a<00:27:01.836> lot<00:27:02.028> of<00:27:02.157> use<00:27:02.397> cases<00:27:03.296> to<00:27:03.440> give<00:27:03.617> consumers<00:27:04.178> power<00:27:04.579> over<00:27:04.820> themselves,<00:27:06.424> but<00:27:06.745> it's<00:27:07.050> just<00:27:07.210> going<00:27:07.387> to<00:27:07.451> take<00:27:07.644> time.

00:27:08.975 --> 00:27:12.569
And<00:27:09.055> you're<00:27:09.296> absolutely<00:27:09.729> right,<00:27:10.178> you<00:27:10.210> know,<00:27:10.916> but<00:27:11.077> hits<00:27:11.301> like<00:27:11.478> this<00:27:11.719> may<00:27:11.799> be<00:27:11.959> necessary.

00:27:13.707 --> 00:27:17.467
For<00:27:14.189> people<00:27:14.446> to<00:27:14.527> focus<00:27:14.993> on<00:27:15.073> the<00:27:15.153> real<00:27:15.475> use<00:27:15.651> cases<00:27:15.909> as<00:27:16.053> opposed<00:27:16.455> to<00:27:16.535> just<00:27:16.841> the<00:27:16.921> speculation.

00:27:18.946 --> 00:27:22.224
What<00:27:19.042> do<00:27:19.171> you<00:27:19.203> make<00:27:19.524> of<00:27:19.653> Zuckerberg's<00:27:20.553> big<00:27:20.939> bet<00:27:21.340> on<00:27:21.581> the<00:27:21.646> metaverse?

00:27:27.854 --> 00:27:42.970
Um,<00:27:27.874> well,<00:27:35.367> let<00:27:35.449> me<00:27:35.613> turn<00:27:35.794> the<00:27:35.942> question<00:27:36.369> around<00:27:36.779> and<00:27:36.960> say<00:27:41.689> what<00:27:41.952> comes<00:27:42.346> after<00:27:42.625> the<00:27:42.756> phone.

00:27:45.560 --> 00:28:06.401
And<00:27:47.214> if<00:27:47.423> I<00:27:47.504> were<00:27:47.600> to<00:27:47.680> just<00:27:47.905> stretch<00:27:48.307> all<00:27:48.467> the<00:27:48.564> way<00:27:49.592> into<00:27:51.279> the<00:27:51.440> Terminator<00:27:52.018> analogy,<00:27:52.596> mm-hmm,<00:27:55.071> if<00:27:55.151> you<00:27:55.280> had<00:27:55.393> a<00:27:55.473> contact<00:27:55.958> lens<00:27:57.736> that<00:27:57.898> completely<00:27:58.544> blurred<00:27:58.948> the<00:27:59.094> distinction<00:27:59.675> between<00:28:00.807> the<00:28:00.904> real<00:28:01.211> world,<00:28:02.407> AR,<00:28:02.665> and<00:28:02.827> VR,<00:28:04.959> It'd<00:28:05.591> be<00:28:05.753> pretty<00:28:05.979> interesting.

00:28:07.194 --> 00:28:07.356
Yeah.

00:28:09.219 --> 00:28:13.576
And<00:28:10.126> we<00:28:10.288> would<00:28:10.450> think<00:28:10.838> of<00:28:11.648> even<00:28:11.907> things<00:28:12.215> like<00:28:12.539> art<00:28:12.798> very<00:28:13.041> differently.

00:28:14.210 --> 00:28:16.326
We<00:28:14.389> would<00:28:14.486> think<00:28:14.731> of<00:28:14.828> experiences<00:28:15.626> very<00:28:15.870> differently.

00:28:16.522 --> 00:28:21.015
We<00:28:16.668> would<00:28:16.782> think<00:28:17.157> of<00:28:18.231> the<00:28:18.313> way<00:28:18.541> we<00:28:18.720> learn<00:28:20.266> very<00:28:20.576> differently.

00:28:22.042 --> 00:28:29.829
I<00:28:22.058> mean,<00:28:22.364> we'd<00:28:22.590> be<00:28:22.703> able<00:28:22.912> to<00:28:23.025> experience<00:28:24.444> physical<00:28:24.783> phenomenon<00:28:25.492> and<00:28:25.589> teach<00:28:25.847> ourselves<00:28:26.314> physics<00:28:27.201> or<00:28:27.346> biology<00:28:28.652> in<00:28:28.797> completely<00:28:29.232> different<00:28:29.619> ways.

00:28:30.637 --> 00:28:32.708
In<00:28:30.669> a<00:28:30.717> way<00:28:30.894> that<00:28:31.118> was<00:28:31.295> really<00:28:31.600> intuitive<00:28:32.114> and<00:28:32.242> immersive.

00:28:33.462 --> 00:28:35.180
So<00:28:33.687> I'm<00:28:33.848> very<00:28:34.105> enthusiastic<00:28:34.811> about<00:28:35.132> it.

00:28:35.229 --> 00:28:39.002
I<00:28:35.309> just<00:28:35.550> think<00:28:35.807> it's<00:28:37.059> going<00:28:37.219> to<00:28:37.252> take<00:28:37.492> a<00:28:37.621> while<00:28:37.878> for<00:28:38.038> the<00:28:38.119> hardware<00:28:38.456> to<00:28:38.584> show<00:28:38.841> up.

00:28:40.366 --> 00:28:48.571
And<00:28:40.447> then<00:28:40.607> software,<00:28:41.571> native<00:28:41.827> software<00:28:42.277> applications<00:28:43.160> that<00:28:43.321> you<00:28:43.401> can't<00:28:43.658> imagine<00:28:44.059> today<00:28:45.006> usually<00:28:45.424> show<00:28:45.665> up<00:28:45.841> a<00:28:45.906> few<00:28:46.146> years<00:28:46.451> after<00:28:46.644> the<00:28:46.773> hardware<00:28:47.094> is<00:28:47.190> available,<00:28:48.378> right?

00:28:48.796 --> 00:28:50.642
Like<00:28:49.020> who<00:28:49.117> would<00:28:49.213> have<00:28:49.357> thought<00:28:49.518> of<00:28:49.663> Uber<00:28:49.984> before<00:28:50.257> the<00:28:50.401> iPhone?

00:28:51.108 --> 00:28:52.007
You<00:28:51.204> wouldn't<00:28:51.429> have<00:28:51.589> thought<00:28:51.750> about<00:28:51.926> it.

00:28:52.408 --> 00:28:53.018
Yeah,<00:28:52.488> exactly.

00:28:53.853 --> 00:28:56.053
And<00:28:53.933> that's<00:28:54.174> not<00:28:54.479> an<00:28:54.559> application<00:28:55.121> I<00:28:55.137> would<00:28:55.266> have<00:28:55.378> thought<00:28:55.555> of<00:28:55.780> before.

00:28:56.747 --> 00:28:57.004
Yeah.

00:28:57.165 --> 00:29:00.948
So<00:28:57.793> anyway,<00:28:58.292> I<00:28:58.373> mean,<00:28:59.016> I<00:28:59.097> think<00:28:59.242> long-term<00:28:59.918> it<00:29:00.047> makes<00:29:00.304> a<00:29:00.320> lot<00:29:00.481> of<00:29:00.546> sense.

00:29:01.995 --> 00:29:04.104
How<00:29:02.172> it<00:29:02.301> happens,<00:29:03.283> I<00:29:03.363> don't<00:29:03.524> know<00:29:03.685> yet.

00:29:04.248 --> 00:29:06.923
I<00:29:04.313> just<00:29:04.490> like,<00:29:04.667> I'm<00:29:04.812> not<00:29:04.989> smart<00:29:05.311> enough<00:29:06.390> to<00:29:06.567> predict.

00:29:07.456 --> 00:29:27.389
So,<00:29:08.021> and<00:29:08.102> I<00:29:08.150> don't<00:29:08.279> know<00:29:08.441> anything<00:29:08.764> about<00:29:09.006> the<00:29:09.087> metaverse<00:29:09.571> work<00:29:09.959> that<00:29:10.379> Meta<00:29:10.702> is<00:29:10.847> doing,<00:29:12.820> but<00:29:15.739> I<00:29:15.917> do<00:29:16.094> think<00:29:16.401> in<00:29:16.546> the<00:29:16.643> 10-year<00:29:17.046> timeframe,<00:29:20.698> we<00:29:20.731> really<00:29:21.043> have<00:29:21.290> the<00:29:21.454> possibility<00:29:22.194> of<00:29:24.149> being<00:29:24.472> much<00:29:24.713> more<00:29:24.891> immersive<00:29:26.245> with<00:29:26.567> electronic<00:29:27.131> media.

00:29:29.227 --> 00:29:31.435
Yeah,<00:29:29.404> what<00:29:29.582> an<00:29:29.710> incredible<00:29:30.210> bet<00:29:30.516> he's<00:29:30.758> making<00:29:31.097> there.

00:29:32.773 --> 00:29:36.494
And<00:29:32.870> if<00:29:32.967> it<00:29:33.080> pays<00:29:33.338> off,<00:29:33.597> man,<00:29:35.280> that's<00:29:35.701> going<00:29:35.847> to<00:29:35.944> be<00:29:36.106> huge.

00:29:37.960 --> 00:29:38.201
What<00:29:38.024> are<00:29:38.056> you—.

00:29:38.233 --> 00:29:51.074
How<00:29:38.378> are<00:29:38.539> you<00:29:38.652> advising<00:29:39.345> your<00:29:39.603> portfolio<00:29:40.472> companies,<00:29:41.938> or<00:29:42.083> companies<00:29:42.502> that<00:29:42.663> come<00:29:43.710> to<00:29:43.871> you<00:29:43.968> to<00:29:44.097> raise<00:29:44.338> money<00:29:44.532> now,<00:29:45.482> but<00:29:45.627> in<00:29:45.659> particular<00:29:46.191> ones<00:29:46.432> that<00:29:46.529> you've<00:29:46.690> already<00:29:46.900> funded<00:29:48.291> going<00:29:48.776> into<00:29:49.051> next<00:29:49.440> year,<00:29:49.682> going<00:29:50.006> into<00:29:50.232> 2023?

00:29:51.203 --> 00:29:52.174
What<00:29:51.300> are<00:29:51.446> you<00:29:51.478> saying<00:29:51.947> to<00:29:52.028> them?

00:29:57.654 --> 00:29:58.316
Raise<00:29:57.985> money<00:29:58.233> now.

00:30:00.750 --> 00:30:01.691
That's<00:30:00.972> an<00:30:01.126> easy<00:30:01.469> one.

00:30:03.428 --> 00:30:07.877
But<00:30:06.432> don't<00:30:06.594> let<00:30:06.757> a<00:30:06.838> crisis<00:30:07.244> go<00:30:07.341> to<00:30:07.422> waste.

00:30:09.190 --> 00:30:17.529
You<00:30:09.303> know,<00:30:10.760> don't—<00:30:12.056> we've<00:30:12.282> had<00:30:12.460> the<00:30:12.606> luxury<00:30:13.092> of<00:30:13.254> being<00:30:13.513> lazy<00:30:13.934> and<00:30:14.080> inefficient<00:30:14.711> for<00:30:14.889> a<00:30:14.954> long<00:30:15.213> time<00:30:15.537> because<00:30:16.201> there<00:30:16.330> was<00:30:16.427> so<00:30:16.573> much<00:30:16.768> capital<00:30:17.172> in<00:30:17.237> the<00:30:17.383> world.

00:30:18.437 --> 00:30:26.852
Really<00:30:18.694> figure<00:30:19.080> out<00:30:20.123> how<00:30:20.316> to<00:30:21.007> build<00:30:21.328> a<00:30:21.344> real<00:30:21.649> business<00:30:23.335> with<00:30:23.913> a<00:30:24.218> high<00:30:24.395> level<00:30:24.636> of<00:30:24.780> product<00:30:25.198> productivity<00:30:26.161> and<00:30:26.209> efficiency.

00:30:27.831 --> 00:30:29.614
Truly<00:30:28.152> figure<00:30:28.473> out<00:30:28.570> product<00:30:28.891> market<00:30:29.276> fit.

00:30:30.513 --> 00:30:36.149
In<00:30:30.641> fact,<00:30:30.978> at<00:30:31.059> a<00:30:31.139> time<00:30:31.380> like<00:30:31.605> this,<00:30:31.781> the<00:30:31.862> customers<00:30:32.343> that<00:30:32.584> buy<00:30:33.612> really<00:30:33.885> need<00:30:34.254> you,<00:30:35.314> otherwise<00:30:35.635> they<00:30:35.780> wouldn't<00:30:36.037> buy.

00:30:37.402 --> 00:30:45.447
So<00:30:38.188> over-index<00:30:38.847> that<00:30:39.007> signal<00:30:40.292> compared<00:30:40.870> to<00:30:41.882> the<00:30:43.102> lots<00:30:43.343> of<00:30:43.423> products,<00:30:43.825> nice-to-have<00:30:44.290> products,<00:30:44.628> for<00:30:44.788> being<00:30:45.174> bought.

00:30:45.994 --> 00:30:48.510
So<00:30:46.623> the<00:30:46.720> telemetry<00:30:47.220> now<00:30:47.704> is<00:30:47.849> much<00:30:48.075> stronger.

00:30:48.736 --> 00:30:54.430
So<00:30:48.897> pay<00:30:49.043> attention<00:30:50.656> and<00:30:51.140> be<00:30:51.301> really<00:30:51.640> ruthless<00:30:52.140> about<00:30:53.172> focusing<00:30:53.656> on<00:30:53.801> what's<00:30:53.995> important.

00:30:57.120 --> 00:30:57.168
Yeah.

00:30:57.217 --> 00:30:57.817
What<00:30:57.298> do<00:30:57.330> you<00:30:57.412> make<00:30:57.655> of<00:30:57.720> this?

00:30:57.947 --> 00:31:03.774
Like,<00:30:58.126> it<00:30:58.304> feels<00:30:58.678> like<00:30:58.921> founders<00:30:59.586> and<00:30:59.733> CEOs<00:31:00.495> now<00:31:00.885> have<00:31:01.128> to<00:31:01.291> really<00:31:01.680> think<00:31:01.875> about<00:31:02.492> more<00:31:02.735> than<00:31:02.914> just<00:31:03.238> their<00:31:03.400> company.

00:31:05.506 --> 00:31:08.578
They<00:31:05.668> really<00:31:05.894> kind<00:31:06.007> of<00:31:06.040> have<00:31:06.169> to<00:31:06.298> think<00:31:06.476> about<00:31:06.719> the<00:31:06.816> macro<00:31:07.915> environment.

00:31:09.386 --> 00:31:12.313
They<00:31:09.451> have<00:31:09.645> to<00:31:09.791> think<00:31:09.968> about,<00:31:10.340> hey,<00:31:10.583> what's<00:31:10.842> Jerome<00:31:11.327> Powell<00:31:11.892> going<00:31:12.038> to<00:31:12.135> do?

00:31:12.620 --> 00:31:13.769
What's<00:31:12.863> the<00:31:12.943> Fed<00:31:13.331> going<00:31:13.590> to<00:31:13.720> do?

00:31:14.248 --> 00:31:15.370
Like<00:31:14.512> all<00:31:14.578> these<00:31:14.858> types<00:31:15.155> of<00:31:15.238> things.

00:31:15.469 --> 00:31:19.308
How<00:31:15.568> do<00:31:15.650> you—<00:31:17.747> How<00:31:17.908> do<00:31:17.989> you,<00:31:18.246> how<00:31:18.487> do<00:31:18.552> you<00:31:18.648> think<00:31:18.889> about<00:31:19.195> that?

00:31:19.855 --> 00:31:29.158
Like,<00:31:20.418> you<00:31:20.836> know,<00:31:21.125> you<00:31:21.222> start<00:31:21.688> out<00:31:22.010> and<00:31:22.091> it<00:31:22.268> feels<00:31:22.493> like,<00:31:22.750> you<00:31:22.831> know,<00:31:23.136> maybe<00:31:23.394> in<00:31:23.474> like<00:31:23.699> the<00:31:23.796> 2010s,<00:31:24.359> early<00:31:24.600> 2000s,<00:31:25.147> you<00:31:25.227> were<00:31:25.324> just<00:31:25.485> like,<00:31:25.710> I'm<00:31:25.807> just<00:31:26.032> building<00:31:26.289> this<00:31:26.450> company<00:31:26.740> heads<00:31:27.015> down,<00:31:27.908> focused<00:31:28.314> entirely<00:31:28.866> on<00:31:29.028> that.

00:31:29.288 --> 00:31:31.512
But<00:31:29.451> now<00:31:29.775> it<00:31:29.856> doesn't<00:31:30.084> seem<00:31:30.343> like<00:31:30.571> you're<00:31:30.814> able<00:31:31.139> to<00:31:31.236> do<00:31:31.382> that.

00:31:31.642 --> 00:31:32.681
Or<00:31:31.804> am<00:31:31.951> I<00:31:32.032> wrong<00:31:32.291> about<00:31:32.535> that?

00:31:36.194 --> 00:31:37.543
I<00:31:36.274> think<00:31:36.403> it's<00:31:36.660> always<00:31:36.997> been<00:31:37.222> like<00:31:37.399> that.

00:31:40.114 --> 00:31:40.516
Hmm.

00:31:40.757 --> 00:31:45.110
I<00:31:40.853> think<00:31:42.138> when<00:31:42.299> you<00:31:42.395> start<00:31:42.717> a<00:31:42.845> business,<00:31:43.488> you<00:31:43.568> have<00:31:43.825> to<00:31:43.889> think<00:31:44.002> about<00:31:44.243> everything<00:31:44.628> that<00:31:44.773> affects<00:31:45.046> it.

00:31:47.452 --> 00:32:05.982
And<00:31:48.833> we've<00:31:49.074> had<00:31:49.395> the<00:31:49.636> luxury,<00:31:51.242> which<00:31:51.402> we<00:31:51.483> don't<00:31:51.707> appreciate<00:31:52.350> enough,<00:31:53.233> of<00:31:53.393> an<00:31:53.490> ecosystem<00:31:55.481> where<00:31:55.818> the<00:31:55.898> founder<00:31:56.524> who<00:31:56.637> has,<00:31:57.183> who's<00:31:57.407> really<00:31:57.664> narrow<00:31:58.002> and<00:31:58.146> deep<00:31:59.254> has<00:31:59.495> access<00:32:00.137> to<00:32:00.956> that<00:32:01.197> perspective<00:32:02.481> through<00:32:02.642> advisors,<00:32:03.364> through<00:32:03.509> venture<00:32:03.750> capitalists,<00:32:04.649> through<00:32:04.874> the<00:32:04.970> people<00:32:05.291> they<00:32:05.452> bring<00:32:05.757> on.

00:32:07.041 --> 00:32:10.317
And<00:32:07.700> that's<00:32:07.925> the<00:32:08.005> strength<00:32:08.743> of<00:32:09.867> where<00:32:10.028> we<00:32:10.172> live.

00:32:12.466 --> 00:32:19.527
Other<00:32:12.627> people<00:32:13.111> have<00:32:13.272> managed<00:32:13.675> to<00:32:13.756> replicate<00:32:14.320> parts<00:32:14.642> of<00:32:14.803> it,<00:32:14.965> but<00:32:15.126> it<00:32:15.287> takes<00:32:15.674> a<00:32:15.755> long<00:32:16.093> time<00:32:17.302> for<00:32:17.447> an<00:32:17.528> ecosystem<00:32:18.092> like<00:32:18.269> this<00:32:18.511> to<00:32:19.301> build.

00:32:19.575 --> 00:32:21.692
And<00:32:19.801> I<00:32:20.220> do<00:32:20.365> think<00:32:20.607> it's<00:32:20.768> always<00:32:21.091> been<00:32:21.236> like<00:32:21.422> that.

00:32:22.334 --> 00:32:30.056
We<00:32:22.368> just<00:32:22.604> haven't—<00:32:23.094> we've<00:32:23.195> been<00:32:23.280> sheltered,<00:32:26.644> perhaps<00:32:27.115> with<00:32:27.229> a<00:32:27.294> lot<00:32:27.473> of<00:32:27.619> money<00:32:28.188> in<00:32:28.269> the<00:32:28.350> last<00:32:28.594> 10<00:32:28.837> years,<00:32:29.325> more<00:32:29.487> than<00:32:29.649> usual.

00:32:30.689 --> 00:32:39.159
But<00:32:30.786> understanding<00:32:31.420> markets,<00:32:35.040> understanding<00:32:35.379> the<00:32:35.476> nature<00:32:36.203> of<00:32:36.445> product-market<00:32:37.156> fit,<00:32:37.737> that's<00:32:38.303> never<00:32:38.529> really<00:32:38.787> changed.

00:32:40.537 --> 00:32:51.888
With<00:32:40.762> the<00:32:40.859> growth<00:32:41.325> of<00:32:41.422> areas<00:32:41.889> like<00:32:42.211> Miami<00:32:42.871> and<00:32:43.016> Austin<00:32:43.595> and<00:32:44.062> Utah<00:32:45.350> and<00:32:45.930> Charleston,<00:32:46.815> North<00:32:47.040> Carolina,<00:32:47.523> other<00:32:47.684> places<00:32:48.006> like<00:32:48.183> that,<00:32:49.230> what<00:32:49.326> do<00:32:49.455> you<00:32:49.520> think<00:32:49.699> the<00:32:49.797> future<00:32:50.532> of<00:32:50.696> Silicon<00:32:51.186> Valley<00:32:51.594> is?

00:32:52.590 --> 00:32:53.717
Is<00:32:52.737> it<00:32:52.835> still<00:32:53.293> the<00:32:53.391> hub?

00:32:57.333 --> 00:33:12.375
Um,<00:33:06.531> There<00:33:06.709> is<00:33:06.855> something<00:33:07.211> in<00:33:07.341> the<00:33:07.438> water<00:33:07.762> here<00:33:08.474> and<00:33:08.571> in<00:33:08.652> the<00:33:08.733> culture<00:33:10.011> which<00:33:10.173> is<00:33:10.335> more<00:33:10.529> immersive<00:33:11.080> than<00:33:11.323> any<00:33:11.484> physical<00:33:11.889> geography.

00:33:13.832 --> 00:33:28.003
I<00:33:14.139> do<00:33:14.252> think<00:33:14.641> the<00:33:14.690> pandemic<00:33:16.554> and,<00:33:18.001> um,<00:33:20.284> it's<00:33:20.429> gonna<00:33:21.940> kick<00:33:22.181> off<00:33:22.423> an<00:33:22.583> age<00:33:23.246> where<00:33:24.554> talent<00:33:24.962> can<00:33:25.191> be<00:33:25.371> anywhere,<00:33:26.679> and<00:33:26.826> we<00:33:26.892> have<00:33:27.071> learned<00:33:27.317> to<00:33:27.415> work<00:33:27.660> with<00:33:27.823> that.

00:33:28.786 --> 00:33:34.685
So<00:33:29.772> I<00:33:29.853> don't<00:33:30.095> think<00:33:30.322> of<00:33:30.564> it<00:33:30.661> just<00:33:31.130> as<00:33:31.372> Austin<00:33:31.776> and<00:33:31.873> Miami<00:33:32.439> and<00:33:32.584> North<00:33:32.778> Carolina<00:33:33.327> and<00:33:33.796> Boston<00:33:34.281> or<00:33:34.362> whatever.

00:33:35.602 --> 00:33:45.163
I<00:33:36.151> actually<00:33:36.651> think<00:33:38.570> we're<00:33:38.731> going<00:33:39.006> to<00:33:39.151> be<00:33:39.473> tapping<00:33:39.877> talent<00:33:41.154> from<00:33:41.379> all<00:33:41.492> over<00:33:41.701> the<00:33:41.798> world<00:33:43.634> in<00:33:43.891> a<00:33:43.972> much<00:33:44.197> more<00:33:44.374> accessible<00:33:44.938> way.

00:33:45.679 --> 00:33:56.966
At<00:33:45.743> some<00:33:45.985> level<00:33:46.371> on<00:33:46.468> Zoom,<00:33:47.031> does<00:33:47.192> it<00:33:47.337> really<00:33:47.579> matter<00:33:47.998> if<00:33:48.159> the<00:33:48.320> person<00:33:48.642> is<00:33:48.868> in<00:33:51.698> the<00:33:51.778> Ukraine,<00:33:52.441> not<00:33:52.619> right<00:33:52.846> now,<00:33:53.250> but<00:33:54.058> in<00:33:54.139> the<00:33:54.285> Ukraine<00:33:55.109> or<00:33:55.982> in<00:33:56.708> Austin?

00:33:57.127 --> 00:34:04.213
I<00:33:57.433> mean,<00:34:00.509> engineering<00:34:01.057> talent<00:34:01.653> is<00:34:01.942> all<00:34:02.039> over<00:34:02.184> the<00:34:02.281> world<00:34:02.748> and<00:34:03.086> we're<00:34:03.183> going<00:34:03.279> to<00:34:03.392> be<00:34:03.505> able<00:34:03.666> to<00:34:03.811> tap<00:34:04.068> it.

00:34:04.278 --> 00:34:05.131
And<00:34:04.455> that's<00:34:04.680> what<00:34:04.858> makes<00:34:04.922> it<00:34:04.954> interesting.

00:34:05.180 --> 00:34:16.219
Now,<00:34:05.260> this<00:34:05.325> culture<00:34:05.421> of<00:34:07.422> of<00:34:07.470> founding<00:34:07.806> companies<00:34:08.239> and<00:34:08.367> the<00:34:08.527> ecosystem<00:34:09.088> I<00:34:09.184> talked<00:34:09.505> about,<00:34:10.450> yes,<00:34:10.707> it's<00:34:10.867> been<00:34:11.027> replicated<00:34:11.604> in<00:34:11.748> Israel,<00:34:12.790> in<00:34:12.934> China,<00:34:14.216> in<00:34:14.312> other<00:34:14.536> parts<00:34:14.953> of<00:34:15.354> the<00:34:15.434> United<00:34:15.818> States.

00:34:16.796 --> 00:34:24.135
I<00:34:16.812> still<00:34:17.100> think<00:34:17.261> Silicon<00:34:17.597> Valley<00:34:17.838> will<00:34:17.998> continue<00:34:18.463> to<00:34:18.623> be<00:34:18.719> a<00:34:18.799> big<00:34:19.023> hub<00:34:19.200> because<00:34:20.081> the<00:34:20.225> ecosystem<00:34:22.084> is<00:34:22.244> much<00:34:22.549> bigger<00:34:23.110> and<00:34:23.302> it's<00:34:23.526> more<00:34:23.687> immersive.

00:34:25.289 --> 00:34:28.959
Um,<00:34:26.635> but<00:34:27.196> for<00:34:27.356> sure<00:34:27.869> other<00:34:28.093> places<00:34:28.478> would<00:34:28.574> develop.

00:34:29.039 --> 00:34:47.768
And<00:34:29.760> I,<00:34:29.920> I<00:34:30.962> actually<00:34:31.474> think<00:34:31.779> what<00:34:31.939> tends<00:34:32.196> to<00:34:32.340> happen<00:34:32.740> is<00:34:34.458> other<00:34:34.555> than<00:34:34.701> a<00:34:34.717> place<00:34:35.024> like<00:34:35.121> China<00:34:35.524> where<00:34:35.605> the<00:34:35.750> markets<00:34:36.170> are<00:34:36.251> very<00:34:36.493> large,<00:34:37.688> ecosystems<00:34:38.351> can<00:34:38.593> develop<00:34:39.077> around<00:34:40.208> a<00:34:40.369> particular<00:34:40.935> domain<00:34:42.689> or<00:34:43.573> access<00:34:44.152> to<00:34:45.518> a<00:34:45.598> university<00:34:46.305> that<00:34:46.498> is<00:34:46.579> strong<00:34:47.190> in<00:34:47.270> one<00:34:47.447> area.

00:34:48.395 --> 00:34:52.925
Like<00:34:48.572> Israel<00:34:48.893> developed<00:34:49.456> a<00:34:49.520> reputation<00:34:50.099> for<00:34:50.229> security<00:34:50.665> company<00:34:51.165> as<00:34:51.246> an<00:34:51.375> example.

00:34:53.248 --> 00:35:01.103
Boston's<00:34:53.733> having<00:34:54.040> a<00:34:54.137> real<00:34:54.944> blossoming<00:34:55.493> in<00:34:55.574> the<00:34:55.655> biotech<00:34:56.139> world<00:34:56.947> because<00:34:57.205> of<00:34:57.350> all<00:34:57.447> the<00:34:57.609> work<00:34:57.867> at<00:34:57.996> the<00:34:58.077> Broad<00:34:58.336> Institute<00:34:59.230> and<00:34:59.953> at<00:35:00.298> MIT<00:35:00.708> and<00:35:00.791> Harvard.

00:35:01.928 --> 00:35:09.340
So<00:35:03.717> I<00:35:03.797> just,<00:35:04.120> I<00:35:04.200> mean,<00:35:04.748> it's<00:35:04.909> inevitable<00:35:05.650> that<00:35:05.811> there<00:35:06.053> will<00:35:06.295> be<00:35:08.308> other<00:35:08.470> centers<00:35:08.937> that<00:35:09.098> come<00:35:09.211> up.

00:35:11.400 --> 00:35:24.661
What<00:35:11.469> do<00:35:11.503> you<00:35:11.590> make<00:35:11.937> of,<00:35:14.359> I<00:35:14.455> just<00:35:14.616> wonder<00:35:15.003> what's<00:35:15.341> your<00:35:15.421> take,<00:35:15.663> like<00:35:16.451> you<00:35:16.532> got<00:35:17.031> the<00:35:17.417> pandemic<00:35:18.383> kind<00:35:18.560> of<00:35:18.705> had<00:35:18.963> companies<00:35:19.591> saying<00:35:19.993> like,<00:35:20.235> all<00:35:20.267> right,<00:35:20.412> we'll<00:35:20.573> do<00:35:20.669> some<00:35:20.895> sort<00:35:21.072> of<00:35:21.217> hybrid<00:35:21.635> in<00:35:21.764> the<00:35:21.796> future,<00:35:22.988> we'll<00:35:23.133> do<00:35:23.455> all<00:35:23.600> work<00:35:23.861> from<00:35:24.040> home.

00:35:25.412 --> 00:35:31.918
And<00:35:25.510> then<00:35:25.739> like<00:35:26.392> as<00:35:26.719> we've,<00:35:27.209> you<00:35:27.307> know,<00:35:28.049> supposedly<00:35:28.514> gotten<00:35:29.221> out<00:35:29.317> of<00:35:29.462> this<00:35:29.638> pandemic<00:35:30.425> and<00:35:30.521> gone<00:35:30.842> back<00:35:31.180> to<00:35:31.260> normal.

00:35:32.609 --> 00:35:37.795
And<00:35:32.753> I<00:35:32.849> think<00:35:33.155> Elon<00:35:33.668> is<00:35:33.877> probably<00:35:34.295> playing<00:35:34.680> this<00:35:34.921> out<00:35:35.162> more<00:35:35.322> publicly<00:35:35.740> than<00:35:35.884> anyone<00:35:36.125> else,<00:35:36.382> where<00:35:36.446> he's<00:35:36.542> like,<00:35:36.767> you<00:35:36.864> got<00:35:37.217> to<00:35:37.265> be<00:35:37.329> in<00:35:37.410> the<00:35:37.506> office.

00:35:39.192 --> 00:35:42.612
But<00:35:39.754> it<00:35:39.834> seems<00:35:39.995> like<00:35:40.155> a<00:35:40.300> lot<00:35:40.492> of<00:35:40.557> companies<00:35:40.974> are<00:35:41.119> doing<00:35:41.359> that,<00:35:41.520> maybe<00:35:41.825> less<00:35:42.146> publicly.

00:35:43.045 --> 00:35:44.908
How<00:35:43.270> are<00:35:43.367> your<00:35:43.688> portfolio<00:35:44.169> companies<00:35:44.555> thinking<00:35:44.747> about<00:35:44.860> it?

00:35:44.972 --> 00:35:46.096
How<00:35:45.052> are<00:35:45.358> you<00:35:45.518> thinking<00:35:45.839> about<00:35:46.016> it?

00:35:46.160 --> 00:35:47.236
What<00:35:46.321> is<00:35:46.498> the<00:35:46.578> future<00:35:46.835> of<00:35:47.043> work?

00:35:47.300 --> 00:35:49.645
Is<00:35:47.461> it<00:35:47.525> going<00:35:47.605> to<00:35:47.702> be<00:35:48.408> everybody<00:35:48.745> back<00:35:48.986> to<00:35:49.083> the<00:35:49.291> office?

00:35:49.725 --> 00:35:51.154
Is<00:35:49.869> it<00:35:49.918> going<00:35:49.982> to<00:35:50.030> be<00:35:50.126> some<00:35:50.351> sort<00:35:50.592> of<00:35:50.656> hybrid?

00:35:51.780 --> 00:35:52.888
Does<00:35:51.877> it<00:35:51.957> depend<00:35:52.278> on<00:35:52.358> the<00:35:52.503> company?

00:35:57.640 --> 00:36:20.289
We<00:35:58.786> deal<00:35:59.093> with<00:35:59.254> uncertainty<00:35:59.916> every<00:36:00.158> day,<00:36:01.837> and<00:36:02.321> our<00:36:02.499> entire<00:36:03.048> job<00:36:04.662> is<00:36:05.050> to—<00:36:06.468> is<00:36:06.712> built<00:36:07.022> around<00:36:07.919> not<00:36:08.343> getting<00:36:09.549> too,<00:36:11.403> uh,<00:36:14.456> not<00:36:14.681> having<00:36:15.002> too<00:36:15.163> much<00:36:15.645> of<00:36:15.822> a<00:36:15.983> repetitious,<00:36:16.850> replicable<00:36:17.413> process,<00:36:17.991> because<00:36:18.859> then<00:36:18.955> you're<00:36:19.052> going<00:36:19.148> to<00:36:19.277> miss<00:36:19.518> what's<00:36:19.759> around<00:36:20.000> the<00:36:20.145> corner.

00:36:22.210 --> 00:36:34.231
We<00:36:22.467> have<00:36:22.644> found<00:36:23.270> that<00:36:23.430> for<00:36:23.591> that<00:36:23.831> kind<00:36:24.072> of<00:36:24.216> work<00:36:24.794> where<00:36:24.939> you<00:36:25.099> have<00:36:25.420> to<00:36:26.560> create<00:36:26.897> something<00:36:27.426> new<00:36:28.245> for<00:36:29.673> what<00:36:29.769> is<00:36:29.930> collaborative<00:36:31.438> work,<00:36:32.241> Zoom<00:36:32.498> breaks<00:36:32.819> down<00:36:33.396> at<00:36:33.525> 3<00:36:33.701> or<00:36:33.781> 4<00:36:33.942> people.

00:36:34.985 --> 00:36:35.258
Right.

00:36:35.370 --> 00:36:46.781
And<00:36:36.253> being<00:36:36.510> in<00:36:36.590> the<00:36:36.670> room<00:36:37.697> with<00:36:37.794> 5<00:36:38.115> people,<00:36:39.398> you<00:36:39.559> get,<00:36:40.056> I<00:36:40.121> mean,<00:36:40.859> relative<00:36:41.324> to<00:36:41.405> doing<00:36:41.726> the<00:36:41.870> same<00:36:42.271> creative<00:36:43.330> collaborative<00:36:44.438> work,<00:36:45.176> it's<00:36:45.738> just<00:36:46.155> totally<00:36:46.460> different.

00:36:47.265 --> 00:36:52.025
Now,<00:36:47.491> on<00:36:47.572> the<00:36:47.669> other<00:36:47.896> hand,<00:36:48.803> if<00:36:48.884> you<00:36:48.981> have<00:36:49.127> a<00:36:49.208> project<00:36:50.098> and<00:36:50.163> you're<00:36:50.325> working<00:36:50.729> on<00:36:50.908> it,<00:36:51.150> you<00:36:51.296> can<00:36:51.410> do<00:36:51.555> it<00:36:51.701> remotely.

00:36:52.962 --> 00:37:02.427
Or<00:36:53.541> if<00:36:53.606> there's<00:36:53.767> a<00:36:53.831> command<00:36:54.186> and<00:36:54.330> control<00:36:54.669> structure,<00:36:55.538> I<00:36:55.619> say<00:36:55.860> this,<00:36:56.665> I<00:36:56.730> mean,<00:36:58.421> if<00:36:58.582> there<00:36:58.743> are<00:36:58.920> tasks<00:36:59.403> being<00:36:59.628> handed<00:36:59.950> out<00:37:00.111> to<00:37:00.208> people,<00:37:01.182> you<00:37:01.247> don't<00:37:01.424> need<00:37:01.651> to<00:37:01.748> be<00:37:01.829> in<00:37:01.910> the<00:37:01.991> same<00:37:02.233> room.

00:37:03.204 --> 00:37:08.283
So<00:37:03.349> my<00:37:03.592> best<00:37:03.851> guess<00:37:04.158> is<00:37:05.695> there<00:37:05.776> are<00:37:05.889> some<00:37:06.180> roles<00:37:07.086> which<00:37:07.248> are<00:37:07.393> best<00:37:07.652> in<00:37:07.733> the<00:37:07.879> office.

00:37:10.386 --> 00:37:12.488
There<00:37:10.485> are<00:37:10.568> some<00:37:10.882> roles<00:37:11.379> which<00:37:11.544> can<00:37:11.710> be<00:37:11.892> 80%<00:37:12.207> remote.

00:37:13.302 --> 00:37:21.218
But<00:37:13.383> they<00:37:13.479> still<00:37:13.800> need<00:37:14.041> to<00:37:14.105> come<00:37:14.346> together<00:37:15.711> to<00:37:15.952> kind<00:37:16.128> of<00:37:16.273> develop<00:37:16.739> that<00:37:17.317> common<00:37:18.264> collaborative<00:37:18.987> culture<00:37:20.448> every<00:37:20.608> now<00:37:20.785> and<00:37:20.929> then.

00:37:21.748 --> 00:37:23.868
And<00:37:21.877> then<00:37:21.973> there<00:37:22.118> are<00:37:22.150> some<00:37:22.439> roles<00:37:22.696> that<00:37:22.856> might<00:37:23.081> be<00:37:23.177> 50/50.

00:37:24.301 --> 00:37:27.111
So<00:37:24.703> I<00:37:24.783> sort<00:37:25.008> of<00:37:25.104> feel<00:37:25.361> it<00:37:25.505> depends<00:37:25.891> on<00:37:25.987> what<00:37:26.148> you<00:37:26.244> do,<00:37:26.629> number<00:37:26.870> one.

00:37:27.513 --> 00:37:38.078
Like,<00:37:27.657> I<00:37:27.818> do<00:37:27.930> think<00:37:28.155> senior<00:37:28.540> executives<00:37:29.134> are<00:37:29.199> going<00:37:29.343> to<00:37:29.423> be<00:37:29.520> back<00:37:29.777> in<00:37:29.905> the<00:37:30.001> building<00:37:31.141> 2,<00:37:31.607> 3<00:37:31.768> days<00:37:32.073> a<00:37:32.089> week<00:37:33.678> to<00:37:34.096> brainstorm<00:37:34.658> among<00:37:34.899> themselves,<00:37:35.605> and<00:37:35.685> then<00:37:35.782> the<00:37:35.942> other<00:37:36.183> 2,<00:37:36.328> 3<00:37:36.504> days<00:37:36.729> a<00:37:36.745> week<00:37:36.986> they're<00:37:37.147> with<00:37:37.307> their<00:37:37.532> teams.

00:37:38.832 --> 00:37:43.696
Propagating<00:37:39.458> that<00:37:39.635> down,<00:37:40.357> which<00:37:40.502> will<00:37:40.662> be<00:37:40.903> partly<00:37:41.256> remote<00:37:41.722> and<00:37:41.947> partly<00:37:43.167> in<00:37:43.327> person.

00:37:44.194 --> 00:37:49.347
But<00:37:44.435> then<00:37:44.595> as<00:37:44.676> you<00:37:44.772> get<00:37:44.932> further<00:37:45.318> down<00:37:46.457> with<00:37:46.618> very<00:37:47.084> clear<00:37:47.405> tasks,<00:37:48.223> you<00:37:48.304> can<00:37:48.464> be<00:37:48.625> much<00:37:48.865> more<00:37:49.010> remote.

00:37:49.812 --> 00:37:56.378
So<00:37:49.893> I<00:37:49.909> think<00:37:50.134> it<00:37:50.214> depends<00:37:50.551> on<00:37:50.615> the<00:37:50.711> role<00:37:51.354> and<00:37:51.434> I<00:37:51.578> think<00:37:51.755> it's<00:37:51.899> going<00:37:51.996> to<00:37:52.076> be<00:37:52.220> hybrid<00:37:53.537> if<00:37:53.665> you<00:37:53.826> look<00:37:54.002> at<00:37:54.147> it<00:37:54.243> across<00:37:54.805> the<00:37:54.949> board<00:37:55.929> on<00:37:56.073> average.

00:37:56.490 --> 00:38:00.744
But<00:37:56.635> again,<00:37:56.908> certain<00:37:57.277> roles<00:37:57.534> will<00:37:57.614> be<00:37:57.759> more<00:37:57.935> in<00:37:58.160> person,<00:37:58.497> some<00:38:00.247> others<00:38:00.423> will<00:38:00.584> not.

00:38:01.242 --> 00:38:02.815
I<00:38:01.258> don't<00:38:01.403> know<00:38:01.547> if<00:38:01.772> all<00:38:01.868> that<00:38:02.029> makes<00:38:02.189> sense,<00:38:02.590> but<00:38:02.671> that's—.

00:38:02.815 --> 00:38:03.056
No.

00:38:03.152 --> 00:38:03.473
Yeah.

00:38:04.822 --> 00:38:05.496
What<00:38:04.918> do<00:38:04.998> you<00:38:05.143> think?

00:38:05.801 --> 00:38:08.626
How<00:38:06.106> bad<00:38:06.427> is<00:38:06.588> 2023<00:38:07.647> going<00:38:08.129> to<00:38:08.369> be?

00:38:09.687 --> 00:38:11.250
Economic,<00:38:09.967> from<00:38:10.132> an<00:38:10.263> economic<00:38:10.691> standpoint?

00:38:11.741 --> 00:38:12.814
I<00:38:11.761> mean,<00:38:11.909> what<00:38:12.024> are<00:38:12.090> we<00:38:12.254> looking<00:38:12.649> at?

00:38:18.254 --> 00:38:22.015
Hard<00:38:18.561> for<00:38:18.738> me<00:38:18.980> to<00:38:19.142> prognosticate<00:38:20.336> because<00:38:20.579> there's<00:38:20.756> so<00:38:20.853> many<00:38:21.079> macro<00:38:21.466> factors.

00:38:22.790 --> 00:38:30.249
If<00:38:22.919> the<00:38:23.081> war<00:38:23.274> in<00:38:23.420> Ukraine<00:38:23.888> ends<00:38:24.130> tomorrow,<00:38:26.700> you<00:38:26.813> know,<00:38:27.299> I<00:38:27.332> mean,<00:38:29.163> that<00:38:29.309> might<00:38:29.568> change<00:38:29.974> things.

00:38:30.298 --> 00:38:42.829
And<00:38:30.541> so<00:38:30.784> it's<00:38:31.611> really<00:38:31.838> hard<00:38:32.064> to<00:38:32.162> predict,<00:38:32.891> um,<00:38:33.037> what<00:38:34.510> What<00:38:34.606> I<00:38:34.703> can<00:38:35.026> say<00:38:35.253> now<00:38:35.818> is<00:38:37.450> it's<00:38:37.676> very<00:38:37.999> clear<00:38:38.806> that<00:38:39.226> lots<00:38:39.485> of<00:38:39.630> companies<00:38:40.099> are<00:38:40.131> missing<00:38:40.503> revenue,<00:38:41.569> and<00:38:41.650> you<00:38:41.730> see<00:38:41.956> that<00:38:42.134> in<00:38:42.215> the<00:38:42.296> public<00:38:42.619> markets.

00:38:45.450 --> 00:38:46.734
And<00:38:45.501> there's<00:38:45.672> a<00:38:45.741> cascading<00:38:46.426> effect.

00:38:48.490 --> 00:38:51.888
You<00:38:48.587> know,<00:38:48.668> when<00:38:48.765> you<00:38:48.846> miss<00:38:49.088> revenue,<00:38:49.881> budgets<00:38:50.221> tighten<00:38:50.610> up,<00:38:50.950> you<00:38:51.030> spend<00:38:51.354> less<00:38:51.597> money.

00:38:52.892 --> 00:38:55.254
In<00:38:53.037> fact,<00:38:53.296> it<00:38:53.377> seems<00:38:53.701> to<00:38:53.750> be<00:38:53.863> what<00:38:54.025> the<00:38:54.170> Fed<00:38:54.429> is<00:38:54.817> aiming<00:38:54.995> for.

00:38:56.516 --> 00:38:57.341
Right.

00:38:58.959 --> 00:39:00.868
So<00:39:00.010> it<00:39:00.091> seems<00:39:00.415> to<00:39:00.512> be<00:39:00.657> working.

00:39:01.552 --> 00:39:05.633
How<00:39:01.697> far<00:39:02.099> it<00:39:02.195> needs<00:39:02.436> to<00:39:02.581> go<00:39:03.095> to<00:39:03.239> do<00:39:03.400> what<00:39:03.561> they<00:39:03.657> need<00:39:03.882> to<00:39:03.978> do,<00:39:04.990> I<00:39:05.071> have<00:39:05.312> no<00:39:05.408> idea.

00:39:06.436 --> 00:39:10.935
I<00:39:06.452> mean,<00:39:06.597> that's<00:39:06.918> a<00:39:07.818> topic<00:39:08.204> for<00:39:08.316> economists,<00:39:09.023> most<00:39:09.280> of<00:39:09.425> whom<00:39:09.585> will<00:39:09.730> disagree<00:39:10.148> with<00:39:10.324> each<00:39:10.630> other.

00:39:13.248 --> 00:39:23.497
So<00:39:14.186> I<00:39:14.283> suspect<00:39:15.964> it<00:39:16.126> will<00:39:16.304> be<00:39:16.853> on<00:39:17.096> average<00:39:17.436> a<00:39:17.500> little<00:39:17.775> tougher<00:39:18.147> than<00:39:18.244> 2022<00:39:19.942> because<00:39:20.249> the<00:39:20.330> cycle<00:39:20.685> started<00:39:21.138> this<00:39:21.316> year<00:39:21.720> and<00:39:21.785> it<00:39:21.866> will<00:39:22.027> play<00:39:22.270> out<00:39:22.383> a<00:39:22.399> little<00:39:22.690> bit<00:39:22.820> more<00:39:23.013> next<00:39:23.320> year.

00:39:24.465 --> 00:39:26.965
But<00:39:24.626> a<00:39:24.707> year<00:39:24.868> from<00:39:25.174> now,<00:39:25.497> will<00:39:25.610> it<00:39:25.755> be<00:39:25.900> worse<00:39:26.239> or<00:39:26.320> better<00:39:26.561> than<00:39:26.723> today?

00:39:27.110 --> 00:39:27.690
I<00:39:27.207> have<00:39:27.303> no<00:39:27.449> idea.

00:39:29.149 --> 00:39:29.848
We<00:39:29.295> have<00:39:29.393> this<00:39:29.669> theory.

00:39:30.757 --> 00:39:32.008
Yeah,<00:39:31.634> yeah,<00:39:31.959> yeah.

00:39:32.154 --> 00:39:33.356
I<00:39:32.300> think<00:39:32.463> that's<00:39:32.641> super<00:39:32.885> helpful.

00:39:33.843 --> 00:39:39.722
And<00:39:34.103> by<00:39:34.249> the<00:39:34.331> way,<00:39:34.412> I'll<00:39:34.607> let<00:39:34.818> you<00:39:34.915> go<00:39:35.078> here<00:39:35.175> because<00:39:35.338> I'm<00:39:35.419> not<00:39:35.646> sure<00:39:35.809> how<00:39:35.890> much<00:39:36.068> time<00:39:36.296> I<00:39:36.442> have<00:39:36.604> with<00:39:36.686> you,<00:39:36.783> but<00:39:38.059> I'll<00:39:38.866> end<00:39:39.044> on<00:39:39.205> this<00:39:39.432> question.

00:39:39.771 --> 00:39:48.546
We<00:39:39.916> have<00:39:40.078> this<00:39:40.401> theory<00:39:40.805> here<00:39:41.128> at<00:39:41.241> CEO.com<00:39:43.163> that<00:39:44.116> chances<00:39:44.616> given<00:39:45.894> are<00:39:46.460> just<00:39:46.718> as<00:39:46.799> important<00:39:47.446> as<00:39:47.592> chances<00:39:48.093> taken.

00:39:49.322 --> 00:39:54.209
So,<00:39:49.452> when<00:39:49.533> you<00:39:49.614> take<00:39:49.856> a<00:39:49.872> chance<00:39:50.260> on<00:39:50.341> yourself,<00:39:52.422> there's<00:39:52.897> something<00:39:53.143> really<00:39:53.324> beautiful<00:39:53.832> about<00:39:54.143> that.

00:39:54.307 --> 00:39:57.993
There's<00:39:54.553> also<00:39:54.782> something<00:39:55.127> really<00:39:55.291> beautiful<00:39:56.202> about<00:39:56.524> giving<00:39:56.992> someone<00:39:57.396> a<00:39:57.476> chance.

00:39:58.686 --> 00:40:10.589
Who<00:39:58.864> gave<00:39:59.170> you<00:39:59.283> a<00:39:59.348> chance<00:39:59.767> in<00:39:59.896> your<00:40:00.074> career<00:40:00.558> as<00:40:00.703> you<00:40:00.800> reflect<00:40:01.284> back<00:40:01.913> on<00:40:03.607> the<00:40:03.768> things<00:40:04.026> you've<00:40:04.188> built,<00:40:04.430> the<00:40:04.510> things<00:40:04.769> you've<00:40:04.914> done,<00:40:05.140> the<00:40:05.236> companies<00:40:05.624> you've<00:40:05.720> been<00:40:05.850> a<00:40:05.866> part<00:40:06.107> of,<00:40:06.203> the<00:40:06.283> firms,<00:40:07.424> Sequoia<00:40:08.051> at<00:40:08.275> Wing,<00:40:09.721> and<00:40:09.818> the<00:40:09.898> various<00:40:10.219> companies?

00:40:11.585 --> 00:40:16.517
Who<00:40:11.810> gave<00:40:12.131> you<00:40:12.388> a<00:40:12.469> chance<00:40:13.111> that<00:40:14.461> really<00:40:14.638> stands<00:40:15.104> out<00:40:15.361> and<00:40:15.441> made<00:40:15.570> a<00:40:15.620> difference<00:40:16.026> in<00:40:16.179> your<00:40:16.280> life?

00:40:20.551 --> 00:40:21.291
Lots<00:40:20.814> of<00:40:20.946> people.

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It's<00:40:21.785> not<00:40:22.015> one<00:40:22.196> thing.

00:40:25.410 --> 00:40:51.433
When<00:40:25.573> I<00:40:25.589> first<00:40:25.982> came<00:40:26.243> to<00:40:26.390> the<00:40:26.488> Bay<00:40:26.554> Area,<00:40:28.351> it<00:40:28.433> was<00:40:28.531> the<00:40:28.613> founder<00:40:28.956> of<00:40:29.038> Synoptics,<00:40:35.222> Ron<00:40:35.303> Schmidt,<00:40:36.435> who<00:40:38.053> really,<00:40:39.590> you<00:40:39.671> know,<00:40:41.111> he<00:40:41.192> was<00:40:41.289> like<00:40:41.467> 17<00:40:41.937> layers<00:40:42.276> above<00:40:42.648> me,<00:40:43.884> but<00:40:44.272> really<00:40:44.531> took<00:40:44.709> an<00:40:44.789> interest,<00:40:45.484> and<00:40:47.020> I<00:40:47.602> developed<00:40:48.475> a<00:40:48.879> lot<00:40:49.057> of<00:40:49.137> perspective<00:40:49.784> about<00:40:50.091> the<00:40:50.172> broad<00:40:50.495> business<00:40:50.834> because<00:40:51.158> of<00:40:51.319> that.

00:40:55.091 --> 00:41:00.725
When<00:40:55.188> I<00:40:55.268> started<00:40:55.979> Redback,<00:40:56.947> no<00:40:57.109> question,<00:40:59.304> the<00:40:59.369> Sequoia<00:40:59.773> guys<00:41:00.096> really<00:41:00.273> leaned<00:41:00.661> in.

00:41:01.776 --> 00:41:08.216
And<00:41:01.937> Pierre<00:41:02.114> Lemoine,<00:41:02.903> who's<00:41:03.160> a<00:41:03.241> legend,<00:41:03.724> was<00:41:04.126> our<00:41:04.287> chairman,<00:41:06.380> was<00:41:06.783> absolutely<00:41:07.411> transformative.

00:41:09.826 --> 00:41:14.662
And<00:41:09.874> I'm<00:41:10.003> sure<00:41:10.712> you<00:41:10.808> can<00:41:11.034> talk<00:41:11.227> to<00:41:11.372> half<00:41:11.550> a<00:41:11.631> dozen<00:41:11.939> founders<00:41:12.507> that<00:41:12.733> could<00:41:12.912> regale<00:41:13.301> you<00:41:13.479> with<00:41:13.706> great<00:41:13.965> Pierre<00:41:14.225> stories.

00:41:15.181 --> 00:41:16.299
But<00:41:15.327> I<00:41:15.489> really<00:41:15.748> learned<00:41:15.975> a<00:41:16.056> lot.

00:41:17.528 --> 00:41:31.453
I<00:41:17.595> learned<00:41:17.797> a<00:41:17.865> lot<00:41:18.118> from<00:41:18.371> Mike<00:41:18.624> Moritz,<00:41:20.666> uh,<00:41:20.686> from<00:41:21.816> all<00:41:21.913> of<00:41:22.059> my<00:41:22.156> partners,<00:41:22.721> from<00:41:22.963> Doug<00:41:23.124> Leone,<00:41:24.642> from<00:41:24.803> Ruloff,<00:41:25.627> um,<00:41:26.660> Don<00:41:26.837> Valentine,<00:41:28.157> who<00:41:28.482> was<00:41:28.709> around<00:41:29.294> and<00:41:29.359> his<00:41:29.521> office<00:41:29.781> was<00:41:29.943> next<00:41:30.187> to<00:41:30.333> mine<00:41:30.593> for<00:41:30.755> a<00:41:30.820> number<00:41:31.080> of<00:41:31.226> years.

00:41:32.890 --> 00:41:35.411
Um,<00:41:33.557> so<00:41:33.654> a<00:41:34.061> lot<00:41:34.224> of<00:41:34.370> people<00:41:34.614> have<00:41:34.712> been<00:41:34.858> very<00:41:35.037> generous.

00:41:37.055 --> 00:41:46.549
And,<00:41:37.543> uh,<00:41:41.971> I'd<00:41:42.116> even<00:41:42.278> say,<00:41:42.618> you<00:41:42.699> know,<00:41:43.103> number<00:41:43.346> of<00:41:43.427> founders<00:41:44.138> gave<00:41:44.381> me<00:41:44.640> the<00:41:44.785> untested<00:41:45.287> venture<00:41:45.594> capitalist<00:41:46.177> a<00:41:46.241> chance.

00:41:47.737 --> 00:41:49.416
And<00:41:48.173> it<00:41:48.561> worked<00:41:48.803> out<00:41:48.883> quite<00:41:49.190> well.

00:41:50.498 --> 00:41:56.243
So<00:41:50.966> I've<00:41:51.208> always<00:41:51.628> been—<00:41:53.873> luck<00:41:54.066> is<00:41:54.195> what<00:41:54.308> you<00:41:54.438> do<00:41:54.599> with<00:41:54.777> it<00:41:55.116> a<00:41:55.164> little<00:41:55.310> bit,<00:41:55.986> right?

00:41:57.097 --> 00:42:05.387
But<00:41:57.580> I've<00:41:58.224> always<00:41:58.642> been<00:41:58.803> very<00:41:59.029> fortunate<00:42:00.574> in<00:42:01.138> that<00:42:02.410> people<00:42:02.651> were<00:42:02.812> willing<00:42:03.166> to—<00:42:04.181> people<00:42:04.438> were<00:42:04.583> willing<00:42:04.760> to<00:42:04.857> make<00:42:04.986> time<00:42:05.227> for<00:42:05.339> me.

00:42:06.673 --> 00:42:08.602
That<00:42:06.850> kind<00:42:07.027> of<00:42:07.091> seems<00:42:07.348> like<00:42:07.557> that's<00:42:07.814> what's<00:42:08.039> in<00:42:08.136> the<00:42:08.280> water.

00:42:08.682 --> 00:42:11.366
We're<00:42:08.763> going<00:42:08.939> back<00:42:09.116> to<00:42:09.197> our<00:42:09.341> previous<00:42:09.984> conversation<00:42:10.531> about<00:42:10.724> Silicon<00:42:11.109> Valley.

00:42:11.431 --> 00:42:13.729
That<00:42:11.591> kind<00:42:11.720> of<00:42:11.768> seems<00:42:12.009> like<00:42:12.218> that's<00:42:12.556> what<00:42:12.700> Silicon<00:42:13.118> Valley<00:42:13.520> is.

00:42:14.647 --> 00:42:18.611
Is<00:42:14.824> people<00:42:15.626> giving<00:42:16.011> each<00:42:16.172> other<00:42:16.332> a<00:42:16.348> chance,<00:42:16.669> helping<00:42:17.054> each<00:42:17.215> other<00:42:17.391> out<00:42:17.552> even<00:42:17.776> when<00:42:17.873> they<00:42:17.969> don't<00:42:18.193> have<00:42:18.514> to.

00:42:19.156 --> 00:42:27.259
It<00:42:19.236> seems<00:42:19.413> like<00:42:19.557> that's<00:42:19.942> really<00:42:20.263> the<00:42:20.504> ethos<00:42:21.146> that<00:42:21.306> came<00:42:21.547> out<00:42:21.724> of<00:42:21.804> there<00:42:22.269> and<00:42:22.510> built,<00:42:22.911> you<00:42:22.943> know,<00:42:23.809> the<00:42:24.211> greatest<00:42:25.735> hub<00:42:25.911> of<00:42:26.056> innovation<00:42:26.553> the<00:42:26.682> world's<00:42:26.922> ever<00:42:27.035> known.

00:42:28.607 --> 00:42:30.533
Yeah,<00:42:28.944> and<00:42:30.131> you're<00:42:30.212> right.

00:42:30.693 --> 00:42:31.768
And<00:42:30.950> go<00:42:31.094> back<00:42:31.287> to<00:42:31.367> the<00:42:31.447> beginning.

00:42:31.832 --> 00:42:37.657
This<00:42:32.009> is<00:42:32.073> sort<00:42:32.298> of<00:42:32.394> why<00:42:32.554> I<00:42:32.779> do<00:42:32.956> this,<00:42:33.260> because<00:42:34.801> I<00:42:34.961> really<00:42:35.266> enjoy<00:42:36.149> watching<00:42:36.726> the<00:42:36.807> founder<00:42:37.208> evolution.

00:42:39.053 --> 00:42:40.674
And<00:42:39.454> that<00:42:39.711> in<00:42:39.791> itself<00:42:40.192> is<00:42:40.321> a<00:42:40.401> drug.

00:42:40.962 --> 00:42:41.540
Yeah.

00:42:45.443 --> 00:42:46.101
Well,<00:42:45.587> that's<00:42:45.764> beautiful.

00:42:46.214 --> 00:42:49.989
Hey,<00:42:46.551> uh,<00:42:46.808> Grubb,<00:42:47.210> thank<00:42:47.435> you<00:42:47.515> so<00:42:47.933> much<00:42:48.816> for,<00:42:49.122> for<00:42:49.298> coming<00:42:49.684> on.

00:42:50.246 --> 00:42:55.883
Uh,<00:42:50.487> it<00:42:50.584> really<00:42:50.760> means<00:42:51.066> a<00:42:51.082> lot<00:42:51.290> that<00:42:51.371> you<00:42:51.467> took<00:42:51.692> the<00:42:51.789> time<00:42:52.094> for<00:42:52.335> us,<00:42:52.736> and,<00:42:53.700> uh,<00:42:53.861> good<00:42:54.022> luck<00:42:54.214> with<00:42:54.375> everything,<00:42:54.761> and<00:42:54.825> I'm<00:42:54.970> sure<00:42:55.069> we'll<00:42:55.169> talk<00:42:55.485> again<00:42:55.667> soon.

00:42:57.426 --> 00:42:58.018
Absolute<00:42:57.755> pleasure.

00:42:58.084 --> 00:42:58.758
Thank<00:42:58.330> you<00:42:58.363> so<00:42:58.577> much.

00:42:58.922 --> 00:42:59.514
Thank<00:42:59.087> you<00:42:59.153> so<00:42:59.268> much.

00:42:59.975 --> 00:43:00.781
Thanks<00:43:00.106> for<00:43:00.238> having<00:43:00.550> me<00:43:00.715> on.

00:43:18.652 --> 00:43:19.166
Oh,<00:43:18.755> back,<00:43:18.926> back.