Joe Liemandt

You need to understand the economics are generally worse than what they've been.

You really have to worry about how long your tail is.

But if you are focused that it's a melting ice cube, to Gurley's point, if there's a thousand of these, there's tons of stranded capital.

and stranded organizations and all this stuff where if you keep a growth team on something that's a melting ice cube, all you're doing is just incinerating everything.

And it's miserable for everybody.

The growth team's unhappy because shrinking.

The customers are unhappy because they're being ignored.

The investors are unhappy because they're not getting any return.

And so that's all just a mess and that needs to be cleaned up.

If you were saying, I'm going to go in, I had a billion dollars and I'm going to go do that.

And I'm going to go clean that mess up.

It can do really well.

It is.

And you can get great returns there.

But the ones that are going to be like change the world growth plays are going to be AI native by industry.

For sure.

Can you tell me what you've learned from Jim Abel?

So Jim Abel, he was my head of HR.

And he came from old school.

He was from Bristol Myers.