Doug Leone

Some of the greatest companies got created during times like this, whether it was Cisco, whether it was PayPal and Google, whether it was Stripe and Square, those companies with terrific DNAs got built during very difficult times.

Some of the greatest companies got created during times like this, whether it was Cisco, whether it was PayPal and Google, whether it was Stripe and Square, those companies with terrific DNAs got built during very difficult times.

I actually think that AI is the next platform shift in the same way that mobile was the one before, internet was the one before, infrastructure, the hardware software layers that allow the internet to be overlaid over that. So I think AI is real. But I said earlier, we're going to overestimate it in the short term.

I actually think that AI is the next platform shift in the same way that mobile was the one before, internet was the one before, infrastructure, the hardware software layers that allow the internet to be overlaid over that. So I think AI is real. But I said earlier, we're going to overestimate it in the short term.

We're going to invest in everything in the same way that in 1999, we invested in everything. But then Google came out of that or Facebook came out of that.

We're going to invest in everything in the same way that in 1999, we invested in everything. But then Google came out of that or Facebook came out of that.

So I think you have to have a good head on your shoulder where you don't practice FOMO, where you don't chase every company, and you make the investments that you think are appropriate, where if it doesn't make sense to you, you know, a lot of things don't make sense and you see every five venture firms wanting to invest.

So I think you have to have a good head on your shoulder where you don't practice FOMO, where you don't chase every company, and you make the investments that you think are appropriate, where if it doesn't make sense to you, you know, a lot of things don't make sense and you see every five venture firms wanting to invest.

And the thought process, if you're a young investor said, well, I don't really get it, but they get it. It must be great. Let me go in. And there's a lot of that, believe it or not. I think one of the benefits I've been around for 50 years is that while, too, we have the fear of FOMO, of course we do, right? We're humans. We have a little more perspective of how deep to jump in. AI is real.

And the thought process, if you're a young investor said, well, I don't really get it, but they get it. It must be great. Let me go in. And there's a lot of that, believe it or not. I think one of the benefits I've been around for 50 years is that while, too, we have the fear of FOMO, of course we do, right? We're humans. We have a little more perspective of how deep to jump in. AI is real.

AI is the next platform. But how do we not invest in everything that walks? How do we make certain investments based on market maps, based on thought processes that are more rational? and not do every investment just because every other venture firm is doing every investment. So that's how we're going to be participating.

AI is the next platform. But how do we not invest in everything that walks? How do we make certain investments based on market maps, based on thought processes that are more rational? and not do every investment just because every other venture firm is doing every investment. So that's how we're going to be participating.

We are going to be for real, whether it's with our ARC program, a C program, venture program growth. We have many ways in which to invest in companies, but we're not going to jump in indiscriminately as we never had. Now, we've drank our load of Kool-Aid, whether it's 1998 or 2018, 2019. But in both cases, I'm happy to report we drank a carafe full of Kool-Aid, not a garbage can full of Kool-Aid.

We are going to be for real, whether it's with our ARC program, a C program, venture program growth. We have many ways in which to invest in companies, but we're not going to jump in indiscriminately as we never had. Now, we've drank our load of Kool-Aid, whether it's 1998 or 2018, 2019. But in both cases, I'm happy to report we drank a carafe full of Kool-Aid, not a garbage can full of Kool-Aid.

So of course you're going to drink Kool-Aid because it's a private investment business. It's a 60-40 type of business. We too got caught a little bit in momentum investing. But I'm proud to say that by comparison, it's not even close to some of the things we've seen in the background. And you know who suffers at the end from all this? Founders.

So of course you're going to drink Kool-Aid because it's a private investment business. It's a 60-40 type of business. We too got caught a little bit in momentum investing. But I'm proud to say that by comparison, it's not even close to some of the things we've seen in the background. And you know who suffers at the end from all this? Founders.

I think I would go into venture, but not out of a greed gene. It's a nice way to make money. I think I'd go to venture if I had a passion or if I didn't know how to start a company. Because if you think about venture and capital... It's the large supply side. The scarcity side is talented founders. So if I have a choice and if I thought I was a talented founder, I'll venture versus be a founder.

I think I would go into venture, but not out of a greed gene. It's a nice way to make money. I think I'd go to venture if I had a passion or if I didn't know how to start a company. Because if you think about venture and capital... It's the large supply side. The scarcity side is talented founders. So if I have a choice and if I thought I was a talented founder, I'll venture versus be a founder.

In fact, I always laugh when these super smart, great people say, I want to go into venture. I said, why do you want to go on the commodity side? Stay where you are and do something great. But at the end of the day, it's a preference as to whether you're a builder, if you will, a player, or if you are a coach. Now, I want to use that coach term because coach implies I know more than a builder.

In fact, I always laugh when these super smart, great people say, I want to go into venture. I said, why do you want to go on the commodity side? Stay where you are and do something great. But at the end of the day, it's a preference as to whether you're a builder, if you will, a player, or if you are a coach. Now, I want to use that coach term because coach implies I know more than a builder.