Brad Gerstner

These are things we've seen play out over time. They played out with ad models. But once again, if you're going to try and lay chase to them, you got to be prepared to underwrite that cost yourself.

These are things we've seen play out over time. They played out with ad models. But once again, if you're going to try and lay chase to them, you got to be prepared to underwrite that cost yourself.

He's not doing that to me. It could be both.

He's not doing that to me. It could be both.

He's not doing that to me. It could be both.

Let me, let me ask you a question. Um, since, since we, you, you went down that Avenue, um, I think they've announced, um, Is it 20 million paid users and 500 million total users? So you have a 4% conversion rate. How do you think about paid versus advertising that conversion rate? How do you think about the business model with those facts on the table?

Let me, let me ask you a question. Um, since, since we, you, you went down that Avenue, um, I think they've announced, um, Is it 20 million paid users and 500 million total users? So you have a 4% conversion rate. How do you think about paid versus advertising that conversion rate? How do you think about the business model with those facts on the table?

Let me, let me ask you a question. Um, since, since we, you, you went down that Avenue, um, I think they've announced, um, Is it 20 million paid users and 500 million total users? So you have a 4% conversion rate. How do you think about paid versus advertising that conversion rate? How do you think about the business model with those facts on the table?

And so I think there are a lot of ways... By the way, we've talked about this in the past, but I've often felt that one of the reasons that Google is so susceptible to disruption is how they've maximized the revenue per visitor. And I personally don't think there's any way...

And so I think there are a lot of ways... By the way, we've talked about this in the past, but I've often felt that one of the reasons that Google is so susceptible to disruption is how they've maximized the revenue per visitor. And I personally don't think there's any way...

And so I think there are a lot of ways... By the way, we've talked about this in the past, but I've often felt that one of the reasons that Google is so susceptible to disruption is how they've maximized the revenue per visitor. And I personally don't think there's any way...

when that world you're talking about, that agent world evolves, that that partner in a hotel is going to pay a fee anywhere close to the fee that's paid to Google by someone that's marketing a service. I always say using LTV math versus transactional math. I just don't think there's any way you can get there.

when that world you're talking about, that agent world evolves, that that partner in a hotel is going to pay a fee anywhere close to the fee that's paid to Google by someone that's marketing a service. I always say using LTV math versus transactional math. I just don't think there's any way you can get there.

when that world you're talking about, that agent world evolves, that that partner in a hotel is going to pay a fee anywhere close to the fee that's paid to Google by someone that's marketing a service. I always say using LTV math versus transactional math. I just don't think there's any way you can get there.

And so that's a huge disruptive advantage for – I think it's a huge disruptive advantage for open AI.

And so that's a huge disruptive advantage for – I think it's a huge disruptive advantage for open AI.

And so that's a huge disruptive advantage for – I think it's a huge disruptive advantage for open AI.

Well, actually, to be fair, in many circumstances... they'll be using what I call LTV math and they'll pay- They'll pay more than 100%. Oh, they'll pay 50 bucks instead of 20 because, and then they'll say, well, if the customer comes back twice in a year, we get to break even in the first year and we're going to hold them forever.

Well, actually, to be fair, in many circumstances... they'll be using what I call LTV math and they'll pay- They'll pay more than 100%. Oh, they'll pay 50 bucks instead of 20 because, and then they'll say, well, if the customer comes back twice in a year, we get to break even in the first year and we're going to hold them forever.

Well, actually, to be fair, in many circumstances... they'll be using what I call LTV math and they'll pay- They'll pay more than 100%. Oh, they'll pay 50 bucks instead of 20 because, and then they'll say, well, if the customer comes back twice in a year, we get to break even in the first year and we're going to hold them forever.