Lucas Swisher

They're huge scale, growing way faster than basically anything you can access in the public markets.

They have multiple products.

They've shown they can be great public companies, but they're choosing to stay private.

And those platform companies, you cannot get access to as a public market investor.

As a normal person, you can't buy stock in OpenAI or Revolut or OpenEvidence, all go to portfolio companies, right?

You can't get access to those.

And one, I think that's a shame for the normal person that they can't go and buy that stock.

But two, it is an enduring trend that we've seen over the last five to 10 years.

Our job to make incredible investments and generate real returns.

That's what we are 100% focused on, generate real returns for our investors.

I think it's one of the benefits of having a somewhat flexible mandate, right, is I'm not tied to having to do a Series B this year.

If this trend emerges and it continues to persist, some of the best trades for us, some of the best investments for us are in that segment of the market.

I think you're absolutely right.

I think it's changing, and I think it changes during every architecture shift, right?

This is the really critical part of technology, right?

As you moved from on-premise technology to SaaS technology, as you moved from the internet to mobile internet, you had a potential for all of the companies in the prior generation to completely evaporate.

And the big question is, can you find the companies that have the talent density, that are the most forward-thinking,

that are willing to reinvent themselves over and over and over again which is so hard and those are the companies that you want to find out i think of a great example every time i i think at this point which is databricks if you talk to ali from databricks we've been an investor since 2019. i think one of the things that we've seen from there and even before i mean i looked at the company when i was at kleiner perkins i've seen this company for a very long time is his ability to reinvent that company

over and over and over again and ride multiple S-curves from being basically an ELT data transformation layer to running in training models to being the center of all data in the enterprise.

Those are like multiple S-curves that he's hopped and multiple times he's reinvented the company.