What did you sell too early in your most battle. >> Um, I mean, you know, we were a very large investor on Robin Hood and we sold quite a bit at a lower price than where it is today. We still have a large stake, but there always going to be counter examples. ...

For us, the goal is to get double digit ownership at exit. That is typically where we look at the performance of the fund. Most of our returns have been generated by companies where we own close to or more than double digit ownership at exit.You know, when I started 15 years ago and we're all aiming for 20% was kind of the minimum bar. We still have some 20% ownership, but it is obviously getting a lot harder. ...

Business Strategy - The company needs to focus on sales, specifically aiming to sell 1,000 bars [1] - The company's approach involves seeking investment from wealthy individuals [1] - The company's strategy includes creating a presentation deck to pitch the business idea [1] Management Style - The company's leadership includes both a modern approach and traditional business fundamentals [1]

Figma is a great example of that. You know, we we have this co retreat every year. He would keep on coming back, you know, year 1, year two, year three, year four, and it would still not launch.So like, why are we still inviting him. Like what what you know, you know, we always talk about conviction in this business. Danny's level of conviction behind Dylan at Figma is unparalleled.I don't think there are many examples in the business of of an investor that has had that level of conviction for so long. We'r ...

Investment Strategy - Early-stage businesses with initially poor gross margins should not be immediately dismissed, as exemplified by LLM providers [1] - Price is not a primary factor in early-stage investment decisions [1] - The company has invested $115 billion (115亿) over 30 years [2] - The company's investments have yielded returns close to $30 billion (30亿), with over $20 billion (20亿) still held in holdings [2] - The investment portfolio is concentrated in approximately 8-9 companies [2] - The company has invested in roughly 300-400 companies over the years [2]

I think every developer at a top tech company growing is going to give them $10,000 a month of AI credits. Everyone's going to get 10,000, not 200, which is what we're thinking. We thought that was a lot a couple months ago.They're all going to get $10,000 a month. Every leading tech company, it's cheaper than hiring any human. So, if that means a 50x growth per developer spend, it's going to be a CFO's nightmare.But putting that aside, that's 50x growth from where we are today for cloud code and anthropic ...

Compensation Strategy - Early-stage companies must ensure salespeople exceed targets and earn substantial income, serving as a powerful recruitment tool [1] - The primary goal is to have the first salesperson earn $1 million, as top sales representatives often inquire about existing high earners and their replicable success [2] - In the early stages, it's crucial for individuals to significantly surpass their quotas and generate substantial revenue [2] Recruitment - Salespeople achieving their targets and earning well is the best recruitment engine [1] - When selling a company with small revenue, it's important to have people who believe in the company [1] - Potential hires want to know if anyone has made $1 million and if they can meet them to determine if it's replicable [2]

One of the things that people don't realize again from the outside it's how much of what you're building is for this internal company machinery and how much of that internal company machinery is simply because a lot of people within these organizations their goal isn't to build a product their goal is to tell their friends they're a VP of a thousand person or that sounds impressive and so their goal is to think about okay so how do I grow my org even faster how do I find more teams that I can hire how do I ...

Branding & Marketing - Brands are filling the void of affiliation, belonging, and status in the absence of God [1] - The company associates itself with activities where death is a real possibility, showcasing a unique brand discipline [2] Business Strategy - The CEO's job is to scale the company, build a good brand, product, and supply chain, then hand it over [1] - Great companies don't sell [1] - The company does not value the opinions of others [1] Leadership & Psychology - The company is happy when people are upset [2]

CEO Compensation Strategy - Companies often benchmark CEO compensation against peers, aiming for a specific percentile, such as the 75th percentile [1] - For example, a CEO at the 75th percentile might receive $20 million annually [2] - The report suggests that traditional peer-based compensation may not be effective for CEOs with substantial personal net worth [2][3] - The report advocates for aligning CEO compensation with their net worth rather than solely relying on peer comparisons [3] - The report highlights the use of Performance Share Units (PSUs) as a compensation tool [3] Alternative Compensation Models - The report suggests that for individuals with significant net worth, compensation should be creatively structured [2] - The report uses Elon Musk as an example, suggesting that a standard CEO salary of $29 million would be insignificant to someone of his wealth [3]