David George

It's all brand.

And the shocking thing about that one, by the way, is it doesn't have a network effect.

That was one of the more surprising things for us.

So is the market demanding more of your product is probably the most important question that we can answer.

Because when it happens, especially in consumer, it tends to create the most special companies in the world.

So we've seen it in companies like Roblox when it really works, and that one has two network effects, and so it's super special.

We also see it in companies that aren't network effect or consumer.

Like in the case of Anduril, turns out the market really, really, really is demanding more of their product, and there's many reasons for that.

We've reached all at the same time this confluence of AI capabilities, autonomy, know-how, and how to navigate governments, mostly from alums of companies like Palantir and SpaceX, at the same time that we have a desperate geopolitical need.

The market is demanding more of their product, and that's really special.

One of the things that I say about push businesses, which is you gotta go sell it, sometimes those are really successful, and there's industries where this is the case, like cybersecurity and things like that.

They don't tend to get easier over time.

They tend to get harder.

If you have to go sell or market your product, the bigger you get, often it gets harder.

So that's not always the case.

Sometimes you get increasing returns to scale from brand and things like that.

But especially on the consumer side, it almost always gets harder if you're a push business.

TikTok maybe is the exception to the rule,

Because they pushed it early?

They pushed it early and so aggressively.