Hussein Kanji

And Google kind of became this thing. There was also Friendster before Meta, but it never really succeeded. So these were kind of inventing new categories. And I remember even at Facebook went public when we were fundraising for Fund One. And when it went public, people really were skeptical about how it was going to make money.

And Google kind of became this thing. There was also Friendster before Meta, but it never really succeeded. So these were kind of inventing new categories. And I remember even at Facebook went public when we were fundraising for Fund One. And when it went public, people really were skeptical about how it was going to make money.

And Facebook hadn't done the transition to mobile yet, right? And how does Facebook really make money? It captures all your attention on the mobile phone, and then as a result has the right to be able to serve you ads. And that's kind of their durable moat. But that wasn't clear even all the way up to the IPO. So these new categories, they're really fuzzy up until they're not.

And Facebook hadn't done the transition to mobile yet, right? And how does Facebook really make money? It captures all your attention on the mobile phone, and then as a result has the right to be able to serve you ads. And that's kind of their durable moat. But that wasn't clear even all the way up to the IPO. So these new categories, they're really fuzzy up until they're not.

And Facebook hadn't done the transition to mobile yet, right? And how does Facebook really make money? It captures all your attention on the mobile phone, and then as a result has the right to be able to serve you ads. And that's kind of their durable moat. But that wasn't clear even all the way up to the IPO. So these new categories, they're really fuzzy up until they're not.

And then when they're not, you see really big outcomes. And I don't think people in Europe think in that kind of way. I think people in Europe are largely trained in private equity. They think about how do I minimize my downside? I will do the vertical SaaS company because I know I can't lose money on it. The metrics are really good. I can understand them. I can characterize them.

And then when they're not, you see really big outcomes. And I don't think people in Europe think in that kind of way. I think people in Europe are largely trained in private equity. They think about how do I minimize my downside? I will do the vertical SaaS company because I know I can't lose money on it. The metrics are really good. I can understand them. I can characterize them.

And then when they're not, you see really big outcomes. And I don't think people in Europe think in that kind of way. I think people in Europe are largely trained in private equity. They think about how do I minimize my downside? I will do the vertical SaaS company because I know I can't lose money on it. The metrics are really good. I can understand them. I can characterize them.

Yeah. And how many investors have you come on who think in this kind of language? Like, I will worry about my downside and the upside will take care of itself. But the venture industry is all about the power law, all about the outliers, all about those kinds of outcomes that I was talking about. And Europe doesn't have them.

Yeah. And how many investors have you come on who think in this kind of language? Like, I will worry about my downside and the upside will take care of itself. But the venture industry is all about the power law, all about the outliers, all about those kinds of outcomes that I was talking about. And Europe doesn't have them.

Yeah. And how many investors have you come on who think in this kind of language? Like, I will worry about my downside and the upside will take care of itself. But the venture industry is all about the power law, all about the outliers, all about those kinds of outcomes that I was talking about. And Europe doesn't have them.

We think about all the range. Like if this company falls into trouble, like we have a strategy in the fund. If the company, the founder gets hit by a bus. We had an incident in one of our companies where the founder got diagnosed with bipolar syndrome late in life. I like how that explains a lot about the founder. But he had taken himself out of commission and was getting Medicaid.

We think about all the range. Like if this company falls into trouble, like we have a strategy in the fund. If the company, the founder gets hit by a bus. We had an incident in one of our companies where the founder got diagnosed with bipolar syndrome late in life. I like how that explains a lot about the founder. But he had taken himself out of commission and was getting Medicaid.

We think about all the range. Like if this company falls into trouble, like we have a strategy in the fund. If the company, the founder gets hit by a bus. We had an incident in one of our companies where the founder got diagnosed with bipolar syndrome late in life. I like how that explains a lot about the founder. But he had taken himself out of commission and was getting Medicaid.

It was like, if something like that happens, a weird externality type of event, what do we do with the company? Every quarter, We have like an immediate shopping list, which is if this company falls into trouble, I'm picking up the phone. I'm calling this person at this buyer in this level of the organization who wants this kind of product, technology, technology team.

It was like, if something like that happens, a weird externality type of event, what do we do with the company? Every quarter, We have like an immediate shopping list, which is if this company falls into trouble, I'm picking up the phone. I'm calling this person at this buyer in this level of the organization who wants this kind of product, technology, technology team.

It was like, if something like that happens, a weird externality type of event, what do we do with the company? Every quarter, We have like an immediate shopping list, which is if this company falls into trouble, I'm picking up the phone. I'm calling this person at this buyer in this level of the organization who wants this kind of product, technology, technology team.

I can kind of grease the wheels to get an acquisition done. I hope I never make that call, but I'm like mentally prepared for making that call. All of us are.

I can kind of grease the wheels to get an acquisition done. I hope I never make that call, but I'm like mentally prepared for making that call. All of us are.

I can kind of grease the wheels to get an acquisition done. I hope I never make that call, but I'm like mentally prepared for making that call. All of us are.