Jeff Wang

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.

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.

So yes, we want to pick the best company, but we definitely better pick the right theme. And so for us, 70% of our research process is actually upfront on the theme and only 30% on the actual company. And so the example that you gave there, I think we'd be positive both Shopify and Amazon. I don't know which is the first ship to get there, but we are positive overall on that theme.

So yes, we want to pick the best company, but we definitely better pick the right theme. And so for us, 70% of our research process is actually upfront on the theme and only 30% on the actual company. And so the example that you gave there, I think we'd be positive both Shopify and Amazon. I don't know which is the first ship to get there, but we are positive overall on that theme.

So yes, we want to pick the best company, but we definitely better pick the right theme. And so for us, 70% of our research process is actually upfront on the theme and only 30% on the actual company. And so the example that you gave there, I think we'd be positive both Shopify and Amazon. I don't know which is the first ship to get there, but we are positive overall on that theme.

You know, what we want to avoid is we want to avoid some of these themes that I don't think have legs where companies, whether or not you do a lot of great company analysis, it just doesn't matter.

You know, what we want to avoid is we want to avoid some of these themes that I don't think have legs where companies, whether or not you do a lot of great company analysis, it just doesn't matter.

You know, what we want to avoid is we want to avoid some of these themes that I don't think have legs where companies, whether or not you do a lot of great company analysis, it just doesn't matter.

One, we spent so much time making sure the theme is actually working. And then two, we have pretty good insight from seeing what's happening at Sequoia. Doug likes to say, you got to look at what wiggles, right? And you got to go hit what wiggles. What does that mean? So being able to see what wiggles be a company or theme early, I think is really important.

One, we spent so much time making sure the theme is actually working. And then two, we have pretty good insight from seeing what's happening at Sequoia. Doug likes to say, you got to look at what wiggles, right? And you got to go hit what wiggles. What does that mean? So being able to see what wiggles be a company or theme early, I think is really important.

One, we spent so much time making sure the theme is actually working. And then two, we have pretty good insight from seeing what's happening at Sequoia. Doug likes to say, you got to look at what wiggles, right? And you got to go hit what wiggles. What does that mean? So being able to see what wiggles be a company or theme early, I think is really important.

And then being able to see is that wiggle becoming a tremor? Is it becoming an earthquake? Is it getting to be more than a wiggle? But if you don't see the wiggle, you could do great analysis. But if you never see the wiggle, you're not doing any analysis on anything. What did you not see that you should have seen?

And then being able to see is that wiggle becoming a tremor? Is it becoming an earthquake? Is it getting to be more than a wiggle? But if you don't see the wiggle, you could do great analysis. But if you never see the wiggle, you're not doing any analysis on anything. What did you not see that you should have seen?

And then being able to see is that wiggle becoming a tremor? Is it becoming an earthquake? Is it getting to be more than a wiggle? But if you don't see the wiggle, you could do great analysis. But if you never see the wiggle, you're not doing any analysis on anything. What did you not see that you should have seen?

One of my bigger regrets and one of our bigger losers is in a company called Twilio. Twilio initially was a very good investment for us and actually ended up being a decent investment overall. It could have been a legendary investment. We held on for too long. And as competition started to eat away at the business, and we actually saw some signs of it.

One of my bigger regrets and one of our bigger losers is in a company called Twilio. Twilio initially was a very good investment for us and actually ended up being a decent investment overall. It could have been a legendary investment. We held on for too long. And as competition started to eat away at the business, and we actually saw some signs of it.

One of my bigger regrets and one of our bigger losers is in a company called Twilio. Twilio initially was a very good investment for us and actually ended up being a decent investment overall. It could have been a legendary investment. We held on for too long. And as competition started to eat away at the business, and we actually saw some signs of it.

So gross margin was off a few points here or there, a couple questionable acquisitions, key executive departures. And I think each one of those things you can explain in a vacuum, right? You can pro forma analysis for this gross margin, this specific quarter, or you can say this executive left for a really good opportunity.

So gross margin was off a few points here or there, a couple questionable acquisitions, key executive departures. And I think each one of those things you can explain in a vacuum, right? You can pro forma analysis for this gross margin, this specific quarter, or you can say this executive left for a really good opportunity.

So gross margin was off a few points here or there, a couple questionable acquisitions, key executive departures. And I think each one of those things you can explain in a vacuum, right? You can pro forma analysis for this gross margin, this specific quarter, or you can say this executive left for a really good opportunity.