Josh Kushner

So we try our best to do that, knowing that obviously, given a large portion of our conversation has been focused on concentration, that a large portion of our conversations are us saying no. That being said, when you do a deal, when you're a founder, the best conversations are when they're not zero-sum. You want both sides to win.

So we try our best to do that, knowing that obviously, given a large portion of our conversation has been focused on concentration, that a large portion of our conversations are us saying no. That being said, when you do a deal, when you're a founder, the best conversations are when they're not zero-sum. You want both sides to win.

And obviously the best deals are the ones where both people feel like they're giving a little something. In the construct of Stripe, the company needs to raise a large amount of capital, but also John and Patrick were so focused on making sure that their employee base felt deeply respected.

And obviously the best deals are the ones where both people feel like they're giving a little something. In the construct of Stripe, the company needs to raise a large amount of capital, but also John and Patrick were so focused on making sure that their employee base felt deeply respected.

So a couple of things. One is, I don't know if we spoke about this before, but one of the core insights when we started Thrive was the perceived risk reward associated with the asset class was very different than the actual risk reward. So in many respects, my view when Thrive got started was venture as a term was mislabeled.

So a couple of things. One is, I don't know if we spoke about this before, but one of the core insights when we started Thrive was the perceived risk reward associated with the asset class was very different than the actual risk reward. So in many respects, my view when Thrive got started was venture as a term was mislabeled.

And the idea that someone could build and invest early was obvious, but the idea that someone could invest at later stages as a venture firm was seen as deeply unconventional. I think in 2021, there was an idea that given the amount of value that was created over the last decade, the cost of capital associated with the industry should come down.

And the idea that someone could build and invest early was obvious, but the idea that someone could invest at later stages as a venture firm was seen as deeply unconventional. I think in 2021, there was an idea that given the amount of value that was created over the last decade, the cost of capital associated with the industry should come down.

And Thrive is not perfect in terms of everything that we did. But in many respects, my view was the perceived risk reward was very different than the actual risk reward in the opposite direction. And going back to the frameworks that have driven our success so far, a small amount of companies create the most value and that value compounds over very long periods of time.

And Thrive is not perfect in terms of everything that we did. But in many respects, my view was the perceived risk reward was very different than the actual risk reward in the opposite direction. And going back to the frameworks that have driven our success so far, a small amount of companies create the most value and that value compounds over very long periods of time.

So the idea that there were so many companies that were raising so much capital over such short periods of time, where the progress associated with the companies and their products and their customer traction were not necessarily correlated with their valuations. but more correlated around the markets that they had the opportunity to ultimately penetrate over time was very destructive.

So the idea that there were so many companies that were raising so much capital over such short periods of time, where the progress associated with the companies and their products and their customer traction were not necessarily correlated with their valuations. but more correlated around the markets that they had the opportunity to ultimately penetrate over time was very destructive.

Now, I've always been of the belief that investors don't really know what investors want. And I know we've spoken a lot about independent thought, But there was a moment where investors were telling companies to grow at all costs. And there are moments now where investors are telling companies to become profitable at all costs.

Now, I've always been of the belief that investors don't really know what investors want. And I know we've spoken a lot about independent thought, But there was a moment where investors were telling companies to grow at all costs. And there are moments now where investors are telling companies to become profitable at all costs.

And our view is that each company is an entirely different conversation. And every single individual company has to think about what is the best thing for them. There are no generalizations in life, in my opinion. Maybe be kind, maybe be good. But I think when it comes to a company, the idea of there being a generalization that applies to our existing portfolio is deeply flawed.

And our view is that each company is an entirely different conversation. And every single individual company has to think about what is the best thing for them. There are no generalizations in life, in my opinion. Maybe be kind, maybe be good. But I think when it comes to a company, the idea of there being a generalization that applies to our existing portfolio is deeply flawed.

So we have always tried our best to say to companies, and I think this is very counter to most folks right now, is let's actually think about your business as a totally independent entity and think about what is best for you in order to achieve profitable growth over a very long period of time. And I think that has been the right approach. Going back to what I spoke about earlier,

So we have always tried our best to say to companies, and I think this is very counter to most folks right now, is let's actually think about your business as a totally independent entity and think about what is best for you in order to achieve profitable growth over a very long period of time. And I think that has been the right approach. Going back to what I spoke about earlier,

We have tried our best as people have been focused on the volatility of the market to say, what are the things that we think are most special in the world and lean into them. We believe in the compounding tailwinds of technology and the power of innovation. We also believe that there's a huge difference between being an optimist and being delusional.

We have tried our best as people have been focused on the volatility of the market to say, what are the things that we think are most special in the world and lean into them. We believe in the compounding tailwinds of technology and the power of innovation. We also believe that there's a huge difference between being an optimist and being delusional.