I had a great time chatting with @patrick_oshag on @InvestLikeBest. I've known Patrick since college, and this is the first time we've talked markets and investing at this much depth. The fundamentals of company building haven’t changed: people, products, and markets matter. But obviously, private markets have evolved substantially over my career: there are now ~6x more private unicorns than public companies with a $1b+ market cap. And at the end of 2010, just 2 public technology companies were among the top 10 in market cap; today it’s 8 of 10. AI (alongside software eating everything more generally) is clearly driving a lot of this. But it’s instructive to look at everything from the steam engine, to the early days of Facebook and Google user monetization, to real-time success stories like Databricks, Anduril, OpenAI and Waymo, to get a clear picture of where the opportunities lie. It was a pleasure to go deep on all this and more!
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