Bill Gurley

I'm not very political, but very topical is the administration's decision to charge $100,000 per H-1B visa.

You've spent a lot of time with the president.

You've called him our secret weapon in AI.

I also know you want to recruit the best and brightest to our country.

So how do you think about the decision to charge $100,000 per H-1B visa?

Does this make it easier or harder to recruit talent?

And perhaps it's a little different for large companies or small companies.

How do you think about it?

I can't think of anyone I'd rather be neck and neck with on the entire planet.

I'm excited to do it.

Yeah, I used to kick off our LP meeting with a state of VC.

It's a process and a presentation I'm used to giving.

I've been noticing a lot of things recently that are different in the world and maybe permanently different about the venture capital world.

And a lot of the talks that I would give were based on what appeared to be inherent cyclicality.

in the venture business.

And that has been upset or kicked over or a little chaotic recently, which we'll get into.

I offer two qualifications as we dive into this.

The first would be, and Michael would appreciate this, I'm a huge fan of system-level thinking.

There's a book out there on how to think in systems that's pretty cool.

And all Michael and I's time at the Santa Fe Institute is basically tied to the theory that systems behave differently than their individual components.