Eric Vishria

It's really interesting because when I talk to other venture capitalists, they're like, well, how do you think about the portfolio construction? And how do you think about check diversity and company? And just like never, ever talk about it. And so it isn't a thing. Genuinely isn't a thing. That's a bunch of inherited goodness and flexibility. I think there's this amazing Munger quote.

And he said, you know what? Finding good investment ideas is hard enough. Finding great companies is hard enough. Let's not over constrain it, basically. Let's not over-constraint it. Let's not add a bunch of things to it.

And he said, you know what? Finding good investment ideas is hard enough. Finding great companies is hard enough. Let's not over constrain it, basically. Let's not over-constraint it. Let's not add a bunch of things to it.

And he said, you know what? Finding good investment ideas is hard enough. Finding great companies is hard enough. Let's not over constrain it, basically. Let's not over-constraint it. Let's not add a bunch of things to it.

So what I say back is like in the benchmark view and approach, what we're looking for is these exceptional opportunities led by these exceptional people that can turn into something extraordinary if things work. Like that combination is hard enough.

So what I say back is like in the benchmark view and approach, what we're looking for is these exceptional opportunities led by these exceptional people that can turn into something extraordinary if things work. Like that combination is hard enough.

So what I say back is like in the benchmark view and approach, what we're looking for is these exceptional opportunities led by these exceptional people that can turn into something extraordinary if things work. Like that combination is hard enough.

We very, very openly and regularly talk about things that are just, hey, that's way off. That's a $50 million check for 10% ownership. That's not the core model, obviously. But the flip side is I look at, you mentioned 11X. That's an amazing company we're super lucky to be part of. I think about Brett Taylor, Sierra. I think about Lens, Fireworks.

We very, very openly and regularly talk about things that are just, hey, that's way off. That's a $50 million check for 10% ownership. That's not the core model, obviously. But the flip side is I look at, you mentioned 11X. That's an amazing company we're super lucky to be part of. I think about Brett Taylor, Sierra. I think about Lens, Fireworks.

We very, very openly and regularly talk about things that are just, hey, that's way off. That's a $50 million check for 10% ownership. That's not the core model, obviously. But the flip side is I look at, you mentioned 11X. That's an amazing company we're super lucky to be part of. I think about Brett Taylor, Sierra. I think about Lens, Fireworks.

I go through and I look at these companies and I'm like, I like that AI portfolio. It's a bunch of infrastructure software companies. It's a semiconductor company in Cerberus. It's a few application companies as well. And like the foundational model rounds and some of those things have gotten like really, really large.

I go through and I look at these companies and I'm like, I like that AI portfolio. It's a bunch of infrastructure software companies. It's a semiconductor company in Cerberus. It's a few application companies as well. And like the foundational model rounds and some of those things have gotten like really, really large.

I go through and I look at these companies and I'm like, I like that AI portfolio. It's a bunch of infrastructure software companies. It's a semiconductor company in Cerberus. It's a few application companies as well. And like the foundational model rounds and some of those things have gotten like really, really large.

But you kind of look at some of the things that are happening on the ground in the early stage in AI and it's like, yeah, it's totally doable, totally manageable.

But you kind of look at some of the things that are happening on the ground in the early stage in AI and it's like, yeah, it's totally doable, totally manageable.

But you kind of look at some of the things that are happening on the ground in the early stage in AI and it's like, yeah, it's totally doable, totally manageable.

I mean, to some extent, you always have to play the game on the field, or you always have to, maybe a different way to say this, you always have to be aware and cognizant of the game on the field. So the game is the game. You can always choose to play more or less. You can choose to play more or less. So I'll give you a really concrete example.

I mean, to some extent, you always have to play the game on the field, or you always have to, maybe a different way to say this, you always have to be aware and cognizant of the game on the field. So the game is the game. You can always choose to play more or less. You can choose to play more or less. So I'll give you a really concrete example.

I mean, to some extent, you always have to play the game on the field, or you always have to, maybe a different way to say this, you always have to be aware and cognizant of the game on the field. So the game is the game. You can always choose to play more or less. You can choose to play more or less. So I'll give you a really concrete example.

2021 was like SaaS craziness, everything craziness, right? Like everything was running and everything else. In 2021, we made like three new investments as a firm. Three. That was the game on the field and just saying, that's okay. I'm okay not playing that game. And that's great. And I have no regrets on that at all. I think that is fabulous.