Lucas Swisher

Now we exist in a world where if you have a product that the market likes,

It is going to absolutely yank you into that market.

It's not going to triple at the earliest stages.

It is going to scream.

And I think you really see that, right?

And so those are the companies.

And again, it's not like we think these companies are all bad and this and that.

It's just our strategy is to find those and to work with those companies because that's where we think the disproportionate returns come from.

And it's the companies that we have an advantage working with.

I think the same business principles that have applied to businesses for the last three decades in technology are the same business principles that matter today.

Margin matters, but it's nuanced.

I would add an addendum to that.

Margin matters at scale.

The best businesses, in particular infrastructure, whenever there's a technology wave happening and an architecture shift, some of the best businesses, not all of them, but some of the best businesses have had horrific margins early.

The hyperscalers.

The hyperscalers were low margin early.

Those are the best software platform businesses in the world.

Snowflake and Databricks.

Very low margin early.

A lot of people passed on those early rounds because they're, oh, in SaaS, you have to have 80% gross margin.