Jeff Wang

I think that's kind of the deal that you made with investors and employees.

I think there are a couple of companies that can do that, but do you think the $5 billion SaaS company that's a good, it's not maybe the best company in the world can really do that? No. Right. So like, I think there may be a certain set of companies out there that can pull off what you're talking about, but for 99% of the companies out there, I think that's really difficult.

I think there are a couple of companies that can do that, but do you think the $5 billion SaaS company that's a good, it's not maybe the best company in the world can really do that? No. Right. So like, I think there may be a certain set of companies out there that can pull off what you're talking about, but for 99% of the companies out there, I think that's really difficult.

I think there are a couple of companies that can do that, but do you think the $5 billion SaaS company that's a good, it's not maybe the best company in the world can really do that? No. Right. So like, I think there may be a certain set of companies out there that can pull off what you're talking about, but for 99% of the companies out there, I think that's really difficult.

I think it's actually pretty natural and organic for us because we're at about a third of the portfolio that is private. That is probably more than I want to be steady state. And that's a function of some of these companies just not going public in the timeframe that we thought they would. What would you like to be steady state?

I think it's actually pretty natural and organic for us because we're at about a third of the portfolio that is private. That is probably more than I want to be steady state. And that's a function of some of these companies just not going public in the timeframe that we thought they would. What would you like to be steady state?

I think it's actually pretty natural and organic for us because we're at about a third of the portfolio that is private. That is probably more than I want to be steady state. And that's a function of some of these companies just not going public in the timeframe that we thought they would. What would you like to be steady state?

closer to 20 to 25% would be more comfortable because then that gives us an opportunity to add. If we are focused primarily on the public markets, let's say if we had 50% of the portfolio private, that would feel too illiquid to me. So 20 to 25% feels like a pretty comfortable level.

closer to 20 to 25% would be more comfortable because then that gives us an opportunity to add. If we are focused primarily on the public markets, let's say if we had 50% of the portfolio private, that would feel too illiquid to me. So 20 to 25% feels like a pretty comfortable level.

closer to 20 to 25% would be more comfortable because then that gives us an opportunity to add. If we are focused primarily on the public markets, let's say if we had 50% of the portfolio private, that would feel too illiquid to me. So 20 to 25% feels like a pretty comfortable level.

We have a pretty concentrated portfolio, so about 15 to 20 longs. I want to make sure that the top longs can really move the portfolio in a major way. As I mentioned, I think the power law still exists in the public markets, obviously to a lesser extent than the private markets, but we want to have the top side of the portfolio be pretty chunky. About 15 to 20 longs, about top five or about

We have a pretty concentrated portfolio, so about 15 to 20 longs. I want to make sure that the top longs can really move the portfolio in a major way. As I mentioned, I think the power law still exists in the public markets, obviously to a lesser extent than the private markets, but we want to have the top side of the portfolio be pretty chunky. About 15 to 20 longs, about top five or about

We have a pretty concentrated portfolio, so about 15 to 20 longs. I want to make sure that the top longs can really move the portfolio in a major way. As I mentioned, I think the power law still exists in the public markets, obviously to a lesser extent than the private markets, but we want to have the top side of the portfolio be pretty chunky. About 15 to 20 longs, about top five or about

35, 40% of the portfolio. So it's pretty meaningful. And then what we'd like to do is to, you know, have the shorts just essentially fall out of that. Again, it's really how much more conviction do we want to express on our longs, albeit on the other side, we're not necessarily trying to solve for the short sign in a target, a particular gross or net.

35, 40% of the portfolio. So it's pretty meaningful. And then what we'd like to do is to, you know, have the shorts just essentially fall out of that. Again, it's really how much more conviction do we want to express on our longs, albeit on the other side, we're not necessarily trying to solve for the short sign in a target, a particular gross or net.

35, 40% of the portfolio. So it's pretty meaningful. And then what we'd like to do is to, you know, have the shorts just essentially fall out of that. Again, it's really how much more conviction do we want to express on our longs, albeit on the other side, we're not necessarily trying to solve for the short sign in a target, a particular gross or net.

So it's a really interesting question. And this is a visualization that I like to give to everyone who joins our team. You have to be a pirate interpreting a treasure map. We need to sail to the right island. And if we get there, great. If we get there first, great. There is a massive amount of buried treasure. But if we're the second ship there, we're also doing pretty well.

So it's a really interesting question. And this is a visualization that I like to give to everyone who joins our team. You have to be a pirate interpreting a treasure map. We need to sail to the right island. And if we get there, great. If we get there first, great. There is a massive amount of buried treasure. But if we're the second ship there, we're also doing pretty well.

So it's a really interesting question. And this is a visualization that I like to give to everyone who joins our team. You have to be a pirate interpreting a treasure map. We need to sail to the right island. And if we get there, great. If we get there first, great. There is a massive amount of buried treasure. But if we're the second ship there, we're also doing pretty well.

Even the third ship is going to do pretty well. So if we get AI right, there will be a lot of good ships. NVIDIA is clearly the best ship today, but a lot of others are doing well also. Now, if we don't sail to the right island, it doesn't really matter which ship you picked. Those are just not good investments.