Justin Fishner-Wolfson

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289 appearances 1 recordings 1 series first heard Jun 2026 last heard 14 Jun

Justin Fishner-Wolfson’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jun 2026 with 1.

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Sourcery · SpaceX IPO: Inside the Firm That Owns 1% · 14 Jun 2026 podcast

I mean, I think Cognition's in a really interesting spot right now because they're sort of the last independent, you know, company in the space.

And I think there's a lot of value, right?

Enterprise customers really don't want to get locked into, you know, a single foundational model in the same way that when you sort of thought about cloud, it was like people really, you know, they weren't sure if they wanted to put their data in the cloud.

They really weren't sure, you know, whether or not they wanted to be locked into a single cloud provider.

So people were like multi-tenant and things like, you know.

So...

And I think Cognition kind of sits in a really important part of the market right now, where if you're an enterprise customer, it's like, these are the only guys who can give you access to all the underlying models without the lock-in that comes from that.

So that's why, I mean, that's one of them.

I mean, there's a lot of reasons to be excited about Cognition, but that's one of them.

We've been really flexible and that served us well, right?

Whether or not it's a primary investment or a secondary investment, that's sort of given us the ability to build positions over time.

And so, like I mentioned, you could go back and look at how many investments we made at SpaceX, but that's not the only company that we've made a number of investments in.

So whether or not it's Hadrian, we've probably written, I don't know, four, maybe five checks there at this point.

We want to keep investing in the companies that we have conviction in and really get concentration in those businesses.

And I think that's a little bit different than how the industry works.

Most people are trying to write one large check at the beginning, they hit a certain ownership percentage, and then maybe they do their pro rata or something, but they tend not to continue to follow on and concentrate over time.

We've learned a lot about how you might structure tenders and things like that, which really makes people's lives easier.

I don't think they won't be successful otherwise, but it's like you can do it the easy way or the hard way, and if you're really busy doing a lot of other things, maybe you want to pick the easy way.

And, you know, all of these things really kind of boil down to access to capital, right?

Like you want the best companies to have good access to capital because that's going to give them the ability to work on the hard problems.

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