Jeff Horing

And I thought if I had $100 billion, that's what I would do.

Because I think you could really differentiate yourself tremendously from the pack.

Interestingly, Masa did one deal like that called Arm.

And I think he's made four times his money on a really big check.

Maybe more.

I haven't tracked the stock lately.

Pushing it to late stage growth, I thought was a much harder task.

strategy, both for companies to consume that capital, valuations that you needed to pay to get into those deals to justify that capital.

Though, obviously, he made that return in Alibaba.

He made that return in, I guess, Yahoo was probably more my example, Yahoo Japan, of where he bought control of something and turned it into a massive win.

So

That was a dream I've always had.

People often ask, how does one scale our industry?

And certainly if you look at those types of outcomes, you'd be like, well, I guess there's a chance you could do it.

Could we compete for those deals?

I don't know, but it certainly on paper pencils out.

This was probably 2016 when the Vision Fund came around.

The concept of liquidity, billion dollar exits as a massive victory for the venture to get Benchmark or Sequoia to sell something for a billion dollars.

probably doesn't get their heart rate up today.

So the likelihood that they would do those deals again today, knowing what the world looks like and what the upside can be for these types of assets is pretty small.